On the lines of Bitcoin, the muted price action in Litecoin has also completed its one week. The cryptocurrency, which until the first of this month was keeping the traders overly busy, has gone flat since.
Litecoin is now trading at $3.736, marginally up from yesterday’s $3.732.
Technical observations of the daily LTC-USD price chart have been given below.
Litecoin Chart Structure – It seems like Litecoin is trying to follow through with its downmove in a way similar to its upmove, when it spent a number of days at a certain level and finally broke past it.
I know this may be hard to believe but take a closer look. At $4.100, Litecoin earlier faced resistance for 5 days before it finally broke above it. During the fall, Litecoin spent 5 days before piercing it on the downside.
During the period from June 17 to June 28, Litecoin was just moving sideways but the next day saw the price leap by more than 20 percent. Using the same number of days, I think we may get a strong move in Litecoin