Litecoin (LTC) Technical Analysis: Bulls Under Pressure at Critical Consolidation Point
Cryptovest
Published Oct 22, 2018 12:14PM ET
Updated Oct 22, 2018 01:21PM ET
Litecoin (LTC) Technical Analysis: Bulls Under Pressure at Critical Consolidation Point
On the Litecoin chart right now, tension is building between bullish and bearish traders, as LTC retests its strong resisting level after several failed attempts before and reaches maximum consolidation along a new support. Bears will have the upper hand in this fight as candles track inside a descending triangle pattern but bulls have shown promising strength over the last few weeks, so we could see a reversal here if good sentiment continues.
In the news last week, Litecoin’s founder, Charlie Lee, announced via Twitter that the new 0.17.0 Core release will include a 10x transaction fee reduction back to its 2015 levels at half a cent. The new fee structure will aim to bring Litecoin back into alignment with other market competitors as a leading cost-effective electronic cash system.
Will this news be enough to fuel a bullish reversal or will the bearish episode continue for Litecoin? Let’s take a look.
This article appeared first on Cryptovest
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