![200 ema litecoin 200 ema litecoin](https://themarketperiodical.com/wp-content/uploads/2021/07/image-592-1536x864.png)
A frightening amount of bullish sentiment? It’s worth noting that if Litecoin reacts in the same way as it did in May, an 84% move to the downside, the price of Litecoin will stand around $7.75. However, if like last time Litecoin sees a rejection from this level, we could well see the markets break yearly lows and enter a capitulation phase, which usually acts as a precursor to a bull market cycle. If it can break out of the 200 EMA with conviction, it could be an initial signal of a reversal in the markets, reiterating those who have called an official bottoming in price. Litecoin is currently at a pivotal level. The entire cryptocurrency market cap now lies at around $135 billion, with much of the returns gained in the hype-driven bull market in 2017 being wiped out by a gruelling and painful bear market. The last time it touched the 200 was on May 15th, Litecoin subsequently fell 84% from from $147 to $22.īullish if we break out, capitulation incoming if price gets rejected here. Litecoin fell 84% from $147 to $22 in that time. Bitcoin was around the $8,500 level while the entire market cap for cryptocurrencies was at a healthy $410 billion.īut this touch, and subsequent rejection, of the 200 EMA saw entry into a new phase of the bear market, which is still ongoing nine months later. On that day last summer, cryptocurrency traders still had reason to be cautiously bullish. On Wednesday morning, Litecoin managed to test the 200 exponential moving average (EMA) on the daily chart for the first time since May 15th 2018. Twelve days ago, Coin Rivet analysed the technical chart of Litecoin against Bitcoin, and it subsequently broke out of the 0.01BTC level of resistance, rising 37% since the time of writing. Litecoin and Ethereum seem to have led the cryptocurrency market rally this week, with the former rising 55% since February 8th while Ethereum is up 41% in the same period.Īlthough there is more of a reason to be bullish now than in January, price action is reaching a critical test of moving averages and resistance levels.