Litecoin has formed a short-term base around $1.440 and is consistently striving to re-enter the previous trading band of $1.449-1.459. In the past 24 hours, the virtual currency has jumped up to $1.459 – the resistance level – before being brought down to the floor value of the previous trading range.
Litecoin is trading at $1.452, up 0.76% from yesterday’s observation of $1.441.
I had discussed in my previous analysis that Litecoin will reach the level of $1.455, at which market participants may initiate short positions by placing a stop-loss above $1.459. Litecoin has been unable to breach the mentioned stop-loss level until now.
Technically analyzing the 120-minute LTC/USD price chart reveals that Litecoin may be pushing to enter the previous price band, however, the bulls might not have it easy.
Litecoin Chart Structure – It can be seen from the chart presented that even though the cryptocurrency has moved up, the wobbly price advance fails to inspire confidence. Another point of contention is that the bulls have failed at least twice in their efforts to hold their