LTCUSDT MEI Pharma (NASDAQ: MEIP) has launched a $100 million Litecoin treasury strategy, with backing from Titan Partners Group and crypto firm GSR. Litecoin creator Charlie Lee will join MEI’s board, and the Litecoin Foundation has also invested. The stock price of MEIP surged from $4.2 to $11.45 before plummeting to $6.
LTC was rejected from the FVG (Fair Value Gap) formed during its previous impulsive move. Just below that lies an imbalance zone, which is likely to be filled first during any correction. If downward momentum increases, the price could slide toward $88, $87, and $86.
Currently, long positions seem risky. However, a short setup around $91 with a 3% profit target could be an option for risk-takers. I’m personally not opening any trade at this time, but short-term traders may consider it.
On the upside, LTC is still holding above its 200 MA, which is a positive technical indicator. If it manages to hold above $92.30, the next upside target would be around $95.
LTCUSDT MEI Pharma (NASDAQ: MEIP) has launched a $100 million Litecoin treasury strategy, with backing from Titan Partners Group and crypto firm GSR. Litecoin creator Charlie Lee will join MEI’s board, and the Litecoin Foundation has also invested. The stock price of MEIP surged from $4.2 to $11.45 before plummeting to $6.
