While Litecoin has minted 950 millionaires, while it dropped out of the Top 10 list of cryptocurrencies by market cap, activity is picking up across the network. It is a massive bullish catalyst as new wallet addresses come online faster than Cardano, Bitcoin Cash, and Dogecoin. The hash rate also surged to a three-month high above 325 TH/s. The most recent surge in activity can fuel another rally towards 230, as underlying fundamentals remain promising.
The forecast for the LTC/USD turned bullish after correcting from its most recent price spike. With the Tenkan-sen flat and the Kijun-sen ascending, traders should expect a bullish crossover. It is likely to increase buying pressure, with the Ichimoku Kinko Hyo Cloud also ascending. The CCI dipped into extreme oversold territory below -100 but has more room to correct to the downside. Volatility is likely to increase, and traders should remain patient until the CCI moves above -100.
Should price action for the LTC/USD remain inside the or breakout above the 154.90 to 177.30 zone, recommend the following trade set-up:
Should price action for the LTC/USD breakdown below 154.90, recommend the following trade set-up: