LTC/USDT: A Slow and Steady Uptrend 1H (Aug. 01)

X Force Global Analysis:


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In this analysis, we explore Litecoin's hourly chart to assess its slow and steady uptrend, as well as significant support and resistance zones.

Analysis

- To begin with, Litcoin is trading within an ascending parallel channel
- Prices are hovering above the 20 Simple Moving Average (SMA), which is located above the 50 and 100 SMA consecutively
- There is strong support at 57 USDT, and 55.85 USDT
- Given that prices remain intact within the ascending parallel channel, we could expect a continuation of the current uptrend.

What We Believe

Just as many other altcoins, Litecoin is on an extremely steady rally, looking to potentially break through new highs. Technicals on the shorter time frames show signs of a steady yet bullish trend.

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