After jumping to a 4-month high of $2.100, Litecoin is consolidating near $2.000 as bulls take a breather while the market participants await a correction. Today’s price level of $2.008 is relatively unchanged from yesterday’s $2.013 as the cryptocurrency trades in a tight range of $1.980-2.030. However, after a terrible day at work, bears might not make a resounding comeback very soon, so buyers can remain at ease.
An analysis of the 240-minute LTC-USD price chart signifies that the muted action in Litecoin will not last for long, and that the breakout from the thin range will most likely be on the upside.
Litecoin Chart Structure – Litecoin failed to close above the upper range of the trading channel (marked in the chart) and has consolidated instead. This consolidation has shifted the resistance level up to $2.070 while support from the lower range comes in at $1.910.
MACD – The Moving Average Convergence Divergence reading has registered a bearish crossover with the Signal Line. As a result, the Histogram value collapsed