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Litecoin (LTC) Technical Analysis Shows Mixed Signals at $108 Support Level
The current price action of Litecoin (LTC), trading at $108.11 with a daily loss of 0.41%, has raised concerns among traders about the potential for further downward momentum. The mixed signals presented by both Litecoin’s MACD and RSI indicators suggest caution is in order before making any decisive moves.
In the short term, Litecoin’s MACD divergence shows bearish momentum, which may be interpreted as a warning sign for bulls. On the other hand, the Litecoin RSI has entered neutral territory at 56.93, indicating neither overbought nor oversold conditions. The absence of these extreme levels leaves room for movement in either direction based on external catalysts or volume influx.
While Litecoin’s technical analysis presents mixed signals, long-term traders may still be tempted by the possibility of a short-term pullback and subsequent bounce. In this case, conservative traders might consider waiting for clearer directional cues before entering positions, as some uncertainty persists. For more aggressive traders, the current price proximity to the pivot point offers a defined risk-reward setup.
By taking a long position with a stop-loss below $90.75 and profit target at $122.29, investors can enjoy a favorable 2:1 risk-reward ratio, while being mindful of bearish MACD signals. Day traders should closely monitor the Litecoin price reaction at current levels, as a decisive break either up or down could result in significant price movements.
In the event of a downward move, support levels would be tested at $90.75 and further lower at $76.17. On the other hand, a breakout above the pivot point may see the cryptocurrency target resistance levels around $122.29 before potentially retesting the upper Bollinger Band resistance.
Source: Blockchain.News
