At the time of writing, LTC price is currently sitting at $57.
LTC finally went further on its deeper retracement since breaking that trend line and went all the way down to the support level we noted earlier at $54. The response there was actually pretty good, kind of a "positive rejection", and LTC bounced back nicely back above it. After that it had a couple of attempts at $59 but got rejected (again). Right now it's showing some signs of strength so maybe we're in for another test soon, we'll see.
On the upside we're not really looking for signs of consolidation as much as more buying interest for another test of $59, above which is where we'd look for consolidation before testing $62 once more. A more positive note actually comes from the technical indicators, where on the daily chart things look to be slowly improving (still in bear territory though) On the downside, it doesn't look as likely to test $54 anymore but if it does and if it breaks through, it might be more ranging for a while until $50. Just be cautious if you see it approaching $49...
On the daily chart for LTC, technical indicators are slightly improving but still bearish (12 sell, 10 neutral, 4 buy)
On the weekly chart for LTC, technical indicators give a bearish outlook as well (14 sell, 7 neutral, 5 buy)
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