- Litecoin worth stays contained inside an ascending parallel channel on the 12-hour chart.
- LTC bulls have defended a key assist stage and purpose for an enormous 50% rebound.
- There appears to be weak resistance to the upside for Litecoin.
After an general market crash previously 48 hours, Litecoin price shortly dropped from a excessive of $247 to a low of $157. Nonetheless, the digital asset defended a crucial assist stage and goals for an enormous rebound.
Litecoin worth eyes up potential 50% rebound
Litecoin worth has been contained inside an ascending parallel channel for the previous month. Prior to now 48 hours, LTC bulls have defended the channel’s decrease boundary and now are again on observe, concentrating on a weak resistance to the upside.
LTC/USD 12-hour chart
The following worth goal is positioned at $210, which is the center trendline of the sample, and the following stage for the bulls can be $250 on the prime. The In/Out of the Cash Round Worth (IOMAP) chart signifies that Litecoin faces just one key resistance space on this path.
A breakout above the world between $200 and $205 ought to shortly drive Litecoin worth in direction of the higher boundary of the ascending channel at $250.
Nonetheless, the IOMAP mannequin additionally signifies that Litecoin solely has one robust assist space between $182.7 and $188.3 on the way in which down. Dropping this crucial vary can simply push Litecoin price down to $166, which coincides with the decrease trendline of the ascending parallel channel.