Litecoin
Will Litecoin work out the "FLAG" figure?
Litecoin froze in a narrow volatility range, having formed the flagpole of the "FLAG" technical pattern. Since the coin is within the semi-annual downtrend, this figure is classified as an inverted flag and most often tends to continue the trend, which undoubtedly forms a new strong interest in selling within the current long-term sentiment. But the piquancy and interest in the coin is caused by the fact that the coin is currently trading at the intersection of two important levels, at the trend line of the long-term downward channel and the key resistance level of $75 per coin. Above the $75 level, a new major buying interest is forming with a technical target of 100-110. If the resistance of $75 holds and the coin breaks through the support of the side channel of the $60 flagpole, we may well work out the descending "FLAG" pattern down the channel with the target of 40-42 and below within 1-3 trading days.
Will Litecoin work out the "FLAG" figure?
Litecoin froze in a narrow volatility range, having formed the flagpole of the "FLAG" technical pattern. Since the coin is within the semi-annual downtrend, this figure is classified as an inverted flag and most often tends to continue the trend, which undoubtedly forms a new strong interest in selling within the current long-term sentiment. But the piquancy and interest in the coin is caused by the fact that the coin is currently trading at the intersection of two important levels, at the trend line of the long-term downward channel and the key resistance level of $75 per coin. Above the $75 level, a new major buying interest is forming with a technical target of 100-110. If the resistance of $75 holds and the coin breaks through the support of the side channel of the $60 flagpole, we may well work out the descending "FLAG" pattern down the channel with the target of 40-42 and below within 1-3 trading days.