The recent Litecoin trade movements have shown that the digital asset is presently trading in a sideways movement. Even though the price of the asset has failed after numerous occasions to overcome the 9-day moving average, it has acted as integral support for the asset. However, if the bulls hope to record any upward moves, they need to add pressure to move it above the 9-day moving average.
That is not the only thing, as they would also be required to move above the 21-day average and establish a strong momentum going upwards. The asset is presently trading around the $0.46 region, and trade under the channel would see it give way and trade below.
A movement under will trigger a sell-off
If the market moves above both moving averages, it could trigger a massive buy amongst traders in the market. However, traders need to look at the asset reaching $0.55 in the long term if they are planning to buy. If it successfully breaks above the region, it could resist the $0.60 price mark.
Further movement above would see the asset touch $0.65 before testing the $0.70 price mark. If it fails to move upwards, a sell-off on the part of traders will trigger a bearish impulse to see the asset sell around $0.35.
If the bears gain ground in the market, then the asset could go all the way to test the $0.30 mark before going on to rest on the $0.25 support level. Presently, the asset’s RSI is signaling a bearish move with its move amongst the downward line.
Compared with Bitcoin, the market is suffering as it moves very far below the 9 days and 21 day MA. As it stands, the asset had failed to break above the 9 day moving average in the last few days, with the market touching the 815 Satoshi when it opened earlier today. Noticeably, the bears are still in charge of the market as they are hoping to break it down to the 615 Satoshi region. The RSI is in a bearish zone that signifies that Litecoin will remain in the bearish zone in the coming weeks.