A Deep Dive into LTCUSDT Price Floor

17 Ağu 2023

💎In our recent analysis of #LTCUSDT, we noticed a daily break surpassing the resistance, signaling the first bullish nod. However, post-breakout, a steady decline in price emerged, prompting us to question the validity of the uptrend. Let's delve deeper into this correction to gauge #Litecoin's potential upside.

💎Initially, the price rebounded impressively from the 23.6% Fibonacci resistance at $104.47, when marking the first pullback of the downturn. Since then, a descending wedge pattern has been forming on the daily chart. The real intrigue unfolded recently when the price touched the 241.4% Fibonacci retracement level and bounced back sharply. Concurrently, #LTCUSDT tested the wedge's lower boundary, and the MACD oscillator showcased a bullish divergence.

💎These signs strongly hint that #LTC might have located its bottom and is gearing up for a potential long-term bullish journey. Yet, for our astute Paradisers, diving in now might be premature as the price is still encapsulated within the wedge. A definitive bullish confirmation would be a breach above the downtrend trendline, likely igniting significant buying activity.

💎Currently, the ParadiseTeam is meticulously observing the demand zone between the psychological threshold of $70 and the $72.5 Fibonacci support. If this zone remains resilient, the bulls might gear up for some exhilarating moves, and rest assured, we'll be right there with you. Stay alert, Ladies and Gentlemen of ParadiseClub!