Litecoin struggles

Unlike its parent, Litecoin has not yet formed an ascending channel which could be relied upon. Instead, we see a cascade of rising minimums that are forming a section of a parabola.

Even the news about partnership with the TenX payment system could not help the asset- the memory of LitePay’s failure is still fresh in investors’ minds, and they are hesitant to fall for the same trick twice.

During the weekend, the maximum price was $134, which was followed by a correction to the 0.236 Fibonacci grid level. A decline to the 0.382 level of the same grid, which is $125, is not compulsory, but permissible. Even in that case, Litecoin will continue to build a basis for further growth. A more significant price drop won’t break the current picture of technical analysis but will indicate an extreme buyer weakness.

As for growth targets, the first is $137, which coincides with a powerful mirror resistance level. In case of overcoming that- it’s on to the region of $150. However, it is essential to understand that Litecoin can achieve its goals only under the conditions of full market growth. At the moment, the asset can’t swim against the current.

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