Litecoin (LTC) Gains Slightly, Yet Charts Imply Final Pullback Before $97

• Litecoin may experience a final pullback before attempting to break resistance between $90.29 and $97.33.
• Analysts indicate the current rise is wave 4 within an A-B-C corrective pattern unfolding.
• Technical indicators show weak momentum, with RSI and MACD reflecting ongoing bearish pressure on prices.

Litecoin (LTC) is showing signs of an impending bullish movement, although some analysts think that the charts indicate a potential final pullback. It appears that the most recent moves in the marketplace are actually a part of a larger market correction that has yet to fully develop itself.

At press time, Litecoin is trading at $86.43, supported by a 24-hour trading volume of $1.03 billion and a market capitalization of $6.61 billion. The LTC has seen a 1.57% gain over the last 24 hours, showing a slight improvement after a period of sideways action.

Litecoin Could Dip Before Rally

A crypto analyst, More Crypto Online, pointed out that a potential next movement would be a try by Litecoin to increase its prices, with a target of a significant area of resistance located within the range of $90.29-$97.33.

This area of resistance has previously capped prices; breaking past it will be a strong indicator of increased strength within the market for the coin, Litecoin.

However, according to the analyst, the market structure is still an indication of one more pull-back being a possibility. The A-B-C correction pattern seen in the Litecoins is still being followed, and currently, the rise is a wave 4 correction within this A-B-C pattern. A full C wave will require five legs, and it appears waves 1, 2, and 3 may already be completed.

The resistance level that Litecoin is currently trying to reach is in line with the Fibonacci levels of 38.2% and 61.8%. This level is closely monitored. Any further breakdown above this level will trigger a change in favor of the bullish movement. Otherwise, a further drop is anticipated in the market, according to analysts.

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LTC Shows Weak Signs but Holding Support

The RSI is seen at 42.84, indicating a weak force of purchases, and the Signal Line is 50.35, remaining above it, thus pressuring the prices. The MA Ribbon exhibits a mixed trend, with the shorter Moving Averages being around 89.85 and 101.33, and the longer ribbon is seen around 107.54 and 84.19. The value of $86.55 is seen below the midpoint ribbon, indicating a conservative market atmosphere.

The MACD is currently at –3.18, which is below the signal line of –2.12, indicating that bears are still present in the market. The histogram is colored red, implying that the bears, although with reduced pressure, continue controlling the market. Before the MACD indicator moves up, a weak market momentum is expected in the LTC market.

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