Hello, dear traders!
The long-awaited moment has arrived: LiteCoin is now priced at $110. In the previous review published on 06/05/2023, I warned that if the price remains above a crucial level, it is expected to rise.
If you haven’t already, I recommend familiarizing yourself with the previous review before proceeding with this trading idea. Here’s the link to the previous review:
https://socialpower.online/lite-coin-part-2-how-much-will-the-coin-be-worth-in-a-month/.
Let’s dive into what lies ahead for LiteCoin. The chart reveals an ongoing upward channel that the coin has been moving within for quite some time.
Now, it’s important to understand what the future holds.
Scenario 1: The price fails to break above the upper channel line and retraces towards the lower part of the channel ($82-$75). We’ll then monitor how the price behaves. If LiteCoin manages to stay within the channel, the price is likely to continue rising towards the $160-$170 range. However, if the price fails to hold inside the channel and breaks below the lower support line, it may pave the way for a decline towards $67 and potentially lower.
Scenario 2: The price breaks above the upper resistance line of the channel ($120), and only in this case, we can consider buying with the potential for growth towards the $160-$170 range.
Thank you for your attention and for taking the time to read this trading idea. Please note that this idea is not a recommendation or trading signal to open a position. Always consider your own opinion and conduct your market analysis independently.
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