Triple bottom or a point of no return
Ongoing triple bottom formation. RSI looks to be breaking out of the downtrend in short term, if successful we should see price hovering around $7~$7.6 over the next few days.
However you should also be cautioned against the current sentiments on Litecoin. Given the competitive market of alt coins with strong contenders like Dark, Black, NXT & more. The bulls may not be able to bring it back to $7.6 at all, let alone the highest target of $8.47. Other than having a first mover advantage of an alt coin, Litecoin hardly bring any innovative feature onto the table as compared to its competitors.
If Bitcoin doesn't succeed in reaching new heights ($585 atm), Litecoin will never have a nice increase in price anyway.
Also there are absolutely no known reliable point of support if should the bears bring it below $6.65, and may even go as low as $5.
My take on LTC is neutral, until then when a clearer long term trend is seen.
However you should also be cautioned against the current sentiments on Litecoin. Given the competitive market of alt coins with strong contenders like Dark, Black, NXT & more. The bulls may not be able to bring it back to $7.6 at all, let alone the highest target of $8.47. Other than having a first mover advantage of an alt coin, Litecoin hardly bring any innovative feature onto the table as compared to its competitors.
If Bitcoin doesn't succeed in reaching new heights ($585 atm), Litecoin will never have a nice increase in price anyway.
Also there are absolutely no known reliable point of support if should the bears bring it below $6.65, and may even go as low as $5.
My take on LTC is neutral, until then when a clearer long term trend is seen.
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