Direction
Long
Published
October 24, 2024
Status
Token
LTC
Trigger
Chart PatternSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
Token Name | Litecoin |
Symbol | LTC |
CoinMarketCap Rank | 19 |
Market Cap | 5.3B |
Volume 24h | 211M |
Total Supply | 84M |
Circulating Supply | 75M |
Chart Analysis
Litecoin has entered a perfect uptrend channel after the dip in early August. Since then, the token has been making higher highs and higher lows constantly and climbed from ~$55 to currently $72.
A breakout of the channel to the top could bring the resistance slightly below $90 into play.
Technical Indicators
Currently, the technical indicators show a mixed picture mainly driven by the latest correction after the price was rejected at the channel’s top.
- MACD: Bearish 🔴
- RSI: Neutral 🔵
- VMA: Neutral 🔵
- Triple EMA: Price trades above all EMAs 🟢
- ADX: 14, indicating no trend 🔴
Chart
Trade Setup
Personally, I am not a big fan of trading the price action in the channel and would wait for breakout.
- Entry: Wait for the price to close above the upper trendline and confirmation on the daily chart.
- Profit Target 1: Slight below $90 (~15%)
- Stop Loss: Slightly below the upper trendline