The LiteCoin inched higher on Monday, increasing the price to 55.00. The price increases after a major economic release. The technical bias might remain bearish because the LiteCoin price printed a higher low in the recent upside move.
LiteCoin Technical Analysis
As of this writing, the LiteCoin is being traded around 55.0, the price may hit a resistance level around 66.7, the key horizontal resistance level ahead of 90.7, the trend line resistance and then 113.4, the 23.6% Fib level resistance which is likely to prevent the price from increasing further as shown in the graph below.
Coming towards the downside, a trend line support is likely to come across the price around 49.9, ahead of a 38.0, the psychological number and then comes 20.4, the low of December 12, 2018, as shown in the graph above. The technical bias may remain bearish as long as 66.7, the major horizontal resistance level remains intact.
US Michigan Consumer Sentiment Index Release
The University of Michigan releases a Michigan Consumer Sentiment Index which is a survey conducted to evaluate consumer’s confidence in economic activity Across the country. It portrays a true scenario of whether the people are willing to spend more or less. Generally speaking, if a high reading is noted it anticipates a bullish market ahead, whereas a low reading suggests a negative (or bearish) market for the digital currency.
Considering the price behavior of the digital currency over the last couple of days, buying the LiteCoin around current levels may prove to be a good decision in the short to medium term.