LTC/USD close to key medium-term support

LTC/USD is trading just above critical support at $175. Price has been making higher highs and higher lows since March 2020 and so far it has managed to stay above a key upward sloping trend line that was tested four times already.

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Red line - medium-term support

LTC/USD last time it touched the trend line was back in February when price pulled back all the way to $152.85. Since then price bounced strongly towards $229.62 but did not manage to make new highs. Price is now trading at $190 and it is important for the medium-term trend in order to remain bullish, price must hold above the trend line support. Breaking below the trend line will open the way for a move towards $130-$120. Traders could also take advantage of this pull back as price is now very close to a trend reversal level. Each time price tested this trend line, we saw a new upward move following the test. Traders should also take advantage of the fact that the bullish stop is very close as the chances for an upside move are high.

The material has been provided by InstaForex Company - www.instaforex.com

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