Litecoin began to show bullish in Nopvember final 12 months, as did most cryptocurrencies and in December it surged larger to $ 190. We noticed a retreat in January, following the crypto market down right into a correction, however that pullback ended on the 50 SMA (yellow) on the day by day chart.
Consumers returned and the worth bounced off the 50 SMA, making new highs at $ 255 in February. Though, a deeper pullback adopted within the final week of final month, as Litecoin retreated right down to round $ 150, dropping greater than a 3rd of its worth.
We determined to go lengthy on the 20 SMA (grey) as LITECOIN was declining, however the retreat continued decrease to the 50 SMA. The value bounced ultimately as we talked about, and elevated to $ 240, which we coated in our Litecoin forecast for 2021. Now the 20 SMA is appearing as assist on this chart and after 2 doji candlesticks above it, we should always see a bullish ove quickly, so we’re holding to our purchase sign right here.