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Technical Analysis for LTCUSD for 15th October 2021

Litecoin Consolidates in a $30 Range Zone, will Bulls Overcome $190?

There is a resurgence in the number of LTC addresses per on-chain stats, flipping Ethereum as the blockchain with the most active wallet addresses. This coincides with the network celebrating its 10th anniversary.

Past Performance of LTC

While Litecoin could be tracking Bitcoin higher, the coin has found headwinds at around $190. 

At the time of writing, LTC is stable, adding three percent versus the greenback on the last trading day.

What to Expect of LTC

Candlestick arrangement of the LTC/USDT price chart suggests strength even with the recent consolidation. 

Depending on the breakout direction, it can turn out to be an accumulation if buyers take charge, driving LTC back above $190 towards September highs of $230. 

Conversely, losses below $160 and the middle BB would slow down ambitious buyers.

Litecoin Technical Analysis

Overall, the crypto trading community is confident of what lies ahead. 

A Bitcoin expansion may lift LTC considering the positive correlation. In the meantime, aggressive traders may find opportunities to load on dips provided $160 holds. 

A break above $190 may draw more buyers targeting $230 in a buy trend continuation pattern. 

Even so, losses below the $30 consolidation could weigh negatively on buyers. In that case, depending on the rapidity of the breakout bar, LTC may drop to $150.

Resistance level to watch: $190

Support level to watch: $160

Disclaimer: Opinions expressed are not investment advice. Do your research.

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