LTC seems to have found some support on the chart just below the $300 level. The Litecoin price is setting up for a potential run to $339.
The price has run into the support of an ascending trendline on the 2-hour chart at $298. For the moment, the trend is holding, and LTC appears to be putting in a bottom above the big figure.
Additionally, it is now above a descending trendline at $311, from the 12th of may high at $394.50.
As long as the Litecoin price stays above the descending trend line, I expect a rally to $339.
This is the level the price bounced to after the previous test of the line. If the price can convincingly clear $339, the next target is $360.
Nonetheless, if the trend line at $298 fails, clearly, there may be room on the downside. This would cancel the short term bullish outlook.
The price has run into the support of an ascending trendline on the 2-hour chart at $298. For the moment, the trend is holding, and LTC appears to be putting in a bottom above the big figure.
Additionally, it is now above a descending trendline at $311, from the 12th of may high at $394.50.
As long as the Litecoin price stays above the descending trend line, I expect a rally to $339.
This is the level the price bounced to after the previous test of the line. If the price can convincingly clear $339, the next target is $360.
Nonetheless, if the trend line at $298 fails, clearly, there may be room on the downside. This would cancel the short term bullish outlook.
