Brief Analysis——LTCVolatility in the market fell further over the weekend, with many tokens trading within a range. The brief analysis will continue to review the tokens analyzed in the past. What we choose today is DOT and LTC.
As LTC approached its halving, the price turned from rising to falling. We conducted an analysis on LTC in late July. After this, LTC fell further, giving up most of the gains from the halving.
Starting from Aug.15, consecutive long red candles broke through the original range downwards. While the volume is not amazing, the length of the candle is destructive. LTC turns bearish on a large scale. Afterwards, volatility decreases and price remain fluctuating. Bulls strengthened in the process to prevent further declines. But when the long green candle appeared, the bears quickly destroyed it. The volatility of LTC is greater than most other tokens. The confrontation between bulls and bears is more obvious.
Conclusion: Mostly fluctuation. LTC is near the strong support level 63 currently. So we think even if it turns bearish on a large scale, the bulls will still strengthen in the near term. Likewise, 69 is also a strong resistance level for LTC, which is why the bulls strengthened last week and after the price hit this level, the bears quickly strengthened to defend. So like we said, new resistance level is set at 63 and support level is set at 69.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
