Hey traders, haven't done an Litecoin update in a while so here we go.
The yellow support zone was created in April right before the Litecoin spike up to $141. It peaked about half a month later than Bitcoin , per usual. The move up was the combination of market cycles and the Litecoin halving.
Now since the peak of $141 in the summer, Litecoin has been in accumulation just trying to retest the support at $141. Now that the price has hit there, it can move up. When a move fails to break the higher resistance, the move will fail and come down to retest the previous high.
Expect accumulation around our current level into the new year.
As always please do your own research, I am not a financial advisor.
The yellow support zone was created in April right before the Litecoin spike up to $141. It peaked about half a month later than Bitcoin , per usual. The move up was the combination of market cycles and the Litecoin halving.
Now since the peak of $141 in the summer, Litecoin has been in accumulation just trying to retest the support at $141. Now that the price has hit there, it can move up. When a move fails to break the higher resistance, the move will fail and come down to retest the previous high.
Expect accumulation around our current level into the new year.
As always please do your own research, I am not a financial advisor.