Litecoin price, 4-hour chart can be made with a double dip because it can occur.
Technical indicators are currently showing mixed signals as sales pressure continues.
A break through the neck line of $ 70 can lead to a rally at the same height as the chart formation.
100 SMA is above 200 SMA to suggest that the least resistance path is up. In other words, the upward trend is more likely to continue to reverse. However, the gap is rather narrow, so that while the moving averages remain as dynamic resistance, a decline pass may be possible.
In that case, another test of support around the $48 level could take place. Stronger selling pressure could even spur a break below this level and a continuation of the longer-term downtrend. A break past the moving averages could pave the way for a test of $70.
This will increase the double bottom point to $ 22, indicating that the confirmation can lead to a rally at the same height.
However, the RSI rotates southward from the overbought zone to give a return signal in the downward pressure. Similarly, the stochastic is heading south, so an increase in sales pressure is expected.
Since there was no negative report during the weekend, crypto currencies made a positive start for the week. Indeed, the previous trading week ended on a good note with a report stating that the block chain industries could add $ 1 trillion to global trade over the next decade.
However, market participants seem to turn their attention to corporate interest and more mergers and acquisitions in space.