FX.co ★ Litecoin back in buying zone

Litecoin dropped a little in the short term but it could give birth to a new bullish momentum. It's trading at 89.05 at the time of writing. It has dropped by 6.00% from yesterday's high of 93.32 to 87.72 today's low.

In the last 24 hours, Litecoin is down by 3.19% but it's up by 4.43% in the last 7 days. Bitcoin's drop forced LTC/USD to slip lower as well.

LTC/USD Temporary Drop?

Technically, LTC/USD could develop a new bullish momentum as long as it stays above the lower median line (lml). This represents a dynamic support. 94.01 represents an upside obstacle.

In the short term, it could move somehow sideways before developing a strong leg higher or a new sell-off.

LTC/USD Forecast!

False breakdowns below the lower median line (lml) may announce that the sell-off ended and that the buyers could take it higher again. This could represent the first buying opportunity.

A bullish closure above 94.01 validates further growth and brings new long opportunities.