The last few days have not been good for most crypto investors, especially those that invested in Bitcoin. The value of Bitcoin plunged 20%, but this was not a problem with Bitcoin only. Almost all cryptocurrencies, including Litecoin, have the same problem.

Litecoin also dipped, and it has most of its community members looking for other crypto coins that were less affected by the recent shock. One of the coins that have received a lot of Litecoin community members is called Bitrise. It is a still mooning coin that was launched on 28th July 2021. In the last four months, Bitrise coin has made big moves that have attracted thousands of crypto investors. The attractive $BRISE rewards are also making Litecoin members join Bitrise coin. As a hyper-deflationary token, Bitrise has a contract that automatically buys tokens from the liquidity pool and burns them immediately.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

On the technical side the litecoin crypto managed to pull itself above our major support zone $140 but is still trading near a strong resistance zone and price action i.e $160. The technical indicators in the daily time frame are showing over sold conditions and becoming an excuse for LTC to retrace itself higher. MACD and Relative Strength Index on the daily chart are pushing interday levels in the oversold zones. This might become a reason for the litecoin to manage itself with a pull back towards exponential moving average 50 and 200 in the daily time frame. On the bearish side, we need $140 price to be breached with an impulsive bearish breakout below the aforementioned, this would initiate a deeper correction on LTC. 

A Temporary Bullish Correction is Awaited on LTC

Dec 09 2021

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