- Litecoin price hovers just below a descending trend channel established in February 2022.
- Litecoin price shows fewer transactions amidst the current uptrend move than the previous decline.
- A breach above the $64 level could be the catalyst to a rally targeting the 2000-week moving aveage at $100,
Litecoin price could make a run for the 200-week moving average at $100. Still traders should wait for more confirmation or be subject to a smart money trap.
Litecoin price is too early to call
Litecoin price currently auctions at $60 as the crypto market is witnessing an applaudable rebound on Friday, September 9th. Litecoin price has reconquered a newfound supportive trend line that the bears briefly breached earlier in the week. The bulls have crossed both the 8-day exponential and $21-day simple moving averages, although the volume profile is still less than it was during the trendline breach.
Litecoin price has a bullish scenario that should not be ruled out. If the Elliott Wave technicals are correct, the bulls could rally as high as $100 in the midterm without invalidating the broader bearish idea mentioned in previous outlooks.
LTC USDT
Still, the Litecoin price will need to breach the descending trend line currently positioned at $64 before a justified entry can be made. The alternative scenario could be that the current 14% rally since the trendline breach occurred earlier this week is just a sucker’s rally meant to entice hopeful investors.
Thus traders’ safest bet is to remain sidelined (missing out on the first 15% of the anticipated 60% rally targeting the 200-week moving average at $100) until the descending trend channel’s breach is accomplished.
In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of interest in the market. -FXStreet Team
