I invite you to review the chart of LTC in pair with USDT, this time taking into account the one-day time frame. Let's start by defining with the white line the upward trend that holds the price, and then using the blue lines we can mark the local channel of the upward trend in which we are currently located.
When we unfold the FIb Retracement grid, we can see that the price is based on a strong support zone from $68.87 to $56.33, but at this point let's also check for smaller movement and here the zone covering the trend lines and the lower border of the ongoing channel will be important. However, when the price breaks below the current channel and support zone, we may see a drop to the very strong support level of $40.45.
Looking the other way, we can see that the upper border of the channel is also the first place of significant resistance for the price at $78.34, the next important resistance is at $92.42, and then the price must overcome the strong resistance zone from $102 up to $115.
Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, the RSI indicator is in the process of recovering, and there is a lot of room for further declines, similarly, the STOCH indicator shows a strong downward movement, which may drag the valuation to a lower level.
When we unfold the FIb Retracement grid, we can see that the price is based on a strong support zone from $68.87 to $56.33, but at this point let's also check for smaller movement and here the zone covering the trend lines and the lower border of the ongoing channel will be important. However, when the price breaks below the current channel and support zone, we may see a drop to the very strong support level of $40.45.
Looking the other way, we can see that the upper border of the channel is also the first place of significant resistance for the price at $78.34, the next important resistance is at $92.42, and then the price must overcome the strong resistance zone from $102 up to $115.
Please look at the CHOP index, which indicates that we have a lot of energy for the upcoming move, the RSI indicator is in the process of recovering, and there is a lot of room for further declines, similarly, the STOCH indicator shows a strong downward movement, which may drag the valuation to a lower level.