The price of Litecoin has been increasing like expected with the price coming close to the projected target at $122.32. As we are seeing the completion of the ending wave, shortly a downturn would be expected which is set to push the price of Litecoin significantly lower to some of the resistance levels, broken on the way up.
- Another minor increase could be seen as there hasn’t been a proper interaction with the projected level.
- We are seeing the development of the ending wave which means that shortly a higher degree move to the downside would start.
- A retracement back to $83 at least is expected.
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Litecoin Analysis LTC/USD
From last week, when the price of Litecoin was $84.94 at its lowest point on Thursday 23rd we have seen an increase of around 40% as the price reached spiked to $122.32 at its highest, but found strong resistance at $118 below which the majority of the hourly candles closed.
This increase was expected to play out as an ending wave from the five-wave increase we’ve seen developing from 29th of April when the price of Litecoin was sitting at $69.23. As the price reached the projected level and has done so in a five-wave manner we have likely seen the end of the increase, although the confirmation is awaited.
If we’ve have seen the end of the five-wave move it should mark the end of the 5th wave of a higher degree count which goes back to 29th of January when the price was sitting around $30.755 and is the third wave from the structure formed from 15th of December.
Now that the third wave has ended or is near completion we are likely to see a downside move of the same degree which could be the start of the downtrend altogether as this increase was corrective or could be another retracement as the 4th wave before further bullish price action.
In either way, as now a move to the downside would be expected at least of around 30% from the current levels we are going to see from its momentum and depth we are to evaluate the likelihood of both possibilities.