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Technical analysis

28.05.202114:02 Forex Analysis & Reviews: Litecoin Forecast for 28 May

• Litecoin market capitalization moved downwards by 0.75%
• Bulls aiming for 14-days 20% raw stochastic at $177

Litecoin's market capitalization moved downwards by 0.75% after shedding 10.22% from its price between yesterday and Friday. The last few days have seen the bitcoin silver shift from a market cap of $25.6 B to $11.59 B. LTC has also traded a piece between a price range of $172 and $198 in the last 7 days. The bulls are still 58.85% from the $420 all-time high which they last touched in December 2017.

They came short of the ATH in May after missing 6 points at $413. A descending triangle formed on the 1-hour chart and bottomed at the current intraday low of $169. However, the downtrend was rejected by support near the low resulting in an uptrend moving the bulls towards the 14-days 20% raw stochastic at $177.

LTC lastly bottomed at $147 after the moving average convergence divergence oscillator stalled below the third support level at $151. This prevented a recovery the bulls had been aiming for to shoot them towards the 38.2% FIB retracement. The altcoin's next support barrier on the intraday chart was around $205 and unfortunately reversed the price of the coin at the intraday high of $198. Making the 38.2% FIB retracement a primary area of interest for the bulls to protect themselves against selling pressure at $185 and $190.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Jan Novotny,
Analytical expert of InstaSpot
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