LiteCoin inched higher on Monday, increasing the price to more than 52.0. 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, LiteCoin is being traded around 52.7, the price may hit a resistance level around 69.7, the key horizontal resistance level ahead of 87.2, the trend line resistance and then 115.1, 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 49.0, ahead of a 38.0, the psychological number and then comes 25.0, the key horizontal support level as shown in the graph above. The technical bias may remain bearish as long as 69.7, the major horizontal resistance level remains intact.
US Continuing Jobless Claim Release
The Counting Jobless Claims released by the US Department of Labor measure the number of individuals who are unemployed and are currently receiving unemployment benefits. It presents the strength in the labor market. A rise in this indicator has negative implications for consumer spending which discourages economic growth. Generally speaking, a high reading is seen as negative, or bearish for the USD, while a low reading is seen as positive, or bullish.
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.