Litecoin (LTC-USDT) to Dollar not looking to strong longterm
Litecoin isn't looking so strong right now against the Dollar/Tether.
Personally, I was riding Litecoin myself in search of greatness, but after recently being unable to break through a long resistance line & repeatedly creating Lower-Highs, I got out.
Currently Litecoin is following a similar Bitcoin pullback. Not to say that retracements aren't healthy for a market, and we could certainly use a good shakeout after all the nice gains we have made recently.
Litecoin may be paying a visit to $163 pretty soon. Here are my reasoning...
-Recent Lower-Highs with longterm resistance barrier (mentioned that already)
-Currently near an important support level of $193. Since it has already touched $193, we can no longer call it a Higher-Low, thus this is a Support level.
-Volume has really gone down, and this is likely the most important key factor.
-During the big rally on Feb 13th - 14th, Litecoin went straight from $160 to about $235 without any constructive resting points.
-If Litecoin break $193 support, there is nothing stopping it from dropping straight back to $160 range.
$160 is a real possibility.
Like I said, I personally am currently out of Litecoin. If it turns for the upside, I am perfectly happy missing out on small single digit gains than taking double digit losses.
My thoughts long term... Litecoin needs to stay within the triangle for as long as possible if it wants a chance to make a move for the uptrend. Volatility hasn't been all that high for Litecoin, which is very out of the ordinary, which can be both a good or bad sign depending on volume.
If Litecoin is unable to stay above the support line, a $90 Litecoin is very possible as there is little to almost no constructive trading that happen within this range in the past.
The triangle is will be getting tighter, so we will know soon as to what Litecoin wants to do.