In the altcoin world, Litecoin (LTC) has always been making headlines – mainly because of its movements and ability to stick within the top 10 cryptocurrencies by market cap.
In the crypto news today, we are seeing Litecoin up by 1.8% which means that it is now trading at $46.28 and heading towards the $50 mark. What is interesting is that Litecoin was at $35 weeks ago which is why it is important that it maintains this bullish momentum and supports its support line.
However, the bearish scenario is still here. Conservative traders should know this and know that while Litecoin (LTC) is heading towards $50, it can also fall to $40 or even $30 if the bearish momentum is maintained.
From the top-down approach, sellers are now technically in control and bulls will be only in charge if there is a solid breakout, reversing the losses on February 24th as the second stage of a typical breakout pattern.
Litecoin, on the other hand, still maintains in a position where it is waiting for a reversal. Mefore any of the medium to long term trade conditions are validated, risk-off traders can buy dips and aim at $50 as the first target for LTC.
What is also likely is that if LTC drops below $42, it may cause a sell-off putting pressure on the bulls who might cave in.
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