We are getting strong signals that LTC price value will rise and rise fast by looking at the coin's technical analysis as well as its fundamentals.
TECHNICAL ANALYSIS:
We can see a falling flag has formed and low volume during the continuation of the flag with a spike in volume as the price breaks the flag resistance line which support the flag theory. I was able to calculate a longer term target for the falling flag breakout, but I cannot guarantee that is it correct. (LETS HOPE IT IS!)
Secondly we have a well tested support line at 166 USD which when broken formed into a resistance line which was tested after the the first low.
After testing the now resistance line (@166USD), LTC plunged down to a similar low,thus confirming a new support line (@+-102 USD).
At the moment it is testing the falling flag resistance line which i believe its bound to break as we can see a ''double bottom" pattern is forming.
If my double bottom pattern is correctly spotted then our first target once breaking the resistance line (@166USD) would be approximately 230 USD.
We also getting supported buy signals from the MACD .
Also the MACD has given us 3 buy signals on the 4H chart; 1st The MACD is portraying a positive divergence meaning that the downtrend is losing momentum and a reversal is on the way. 2nd The MACD has a bullish crossover. 3rd The MACD gave its confirming buy signal when it crossed the "0" line bottom-up.
FUNDAMENTALS:
Litecoin has anounced in mid December about launching LitePAy, which is similar to BitPay, just much better in terms of lower transaction fees, faster transaction speeds and a wide adaptability amongst companies and pedestrians.
LiteCoin have announced earlier this week that they will be looking to launch LitePay sometime this week, and if so, LTC price will MOONSHOT!
Therefore we can conclude that LTC technical and fundamental analysis seem solid.
This is not financial advise, just my opinion based on my research.
Thanks for reading.
TECHNICAL ANALYSIS:
We can see a falling flag has formed and low volume during the continuation of the flag with a spike in volume as the price breaks the flag resistance line which support the flag theory. I was able to calculate a longer term target for the falling flag breakout, but I cannot guarantee that is it correct. (LETS HOPE IT IS!)
Secondly we have a well tested support line at 166 USD which when broken formed into a resistance line which was tested after the the first low.
After testing the now resistance line (@166USD), LTC plunged down to a similar low,thus confirming a new support line (@+-102 USD).
At the moment it is testing the falling flag resistance line which i believe its bound to break as we can see a ''double bottom" pattern is forming.
If my double bottom pattern is correctly spotted then our first target once breaking the resistance line (@166USD) would be approximately 230 USD.
We also getting supported buy signals from the MACD .
Also the MACD has given us 3 buy signals on the 4H chart; 1st The MACD is portraying a positive divergence meaning that the downtrend is losing momentum and a reversal is on the way. 2nd The MACD has a bullish crossover. 3rd The MACD gave its confirming buy signal when it crossed the "0" line bottom-up.
FUNDAMENTALS:
Litecoin has anounced in mid December about launching LitePAy, which is similar to BitPay, just much better in terms of lower transaction fees, faster transaction speeds and a wide adaptability amongst companies and pedestrians.
LiteCoin have announced earlier this week that they will be looking to launch LitePay sometime this week, and if so, LTC price will MOONSHOT!
Therefore we can conclude that LTC technical and fundamental analysis seem solid.
This is not financial advise, just my opinion based on my research.
Thanks for reading.