Litecoin (LTC) price dropped yesterday in the $85 support zone where it found new support level and caused the price to switch trends in an upwards matter. The coming altcoin news shows us that this could be an indicator for another increase in the 5th wave from that started to develop on the upside.
The price hasn’t gone below the $85 price point before it quickly turned the other way which means that there wasn’t a chance for a 2nd wave territory entry. This implicates that we could be seeing another increase to the upside very soon. If the price starts developing on the 5th wave, it could even go past the $106 price point.
From the yesterday level of $85.35, the Litecoin (LTC) price increased by nearly 13 percent when it came up to the current $101. This is the highest point that the altcoin’s price has reached and has been traded. The price also increased parabolically which indicates there is a strong bullish presence. If you take a closer look at the hourly charts, the price of the altcoin is approaching the level of the prior high made over the previous weekend which ended on Monday. After the opening, the altcoin fell inside a territory of a horizontal support price range.
This could mean there is strong support waiting at the $85 level area which means that anything below that is considered a territory of the 2nd wave out of the five-wave upside impulses. As noted in the latest cryptocurrency news, the end of the 3rd impulse wave ended as of last Thursday and the downside movement which was likely following the 4th wave ended yesterday on the interaction with the 1st wave ending as well.
The momentum that was seen after the upward price movement could mean that we are about to see the Litecoin (LTC) price exceeding the one of last week’s high at $106.23. The price can even go higher to the horizontal resistance level at $109.35 before ending the five-wave move. This means an increase of about 3.2 percent is expected which is more than Thursday’s high before the end of the increase. As we are about to see, the development of the fifth wave and its end could bring to a higher downturn degree and a drop for the price of the asset.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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