- 1 The LTC crypto price surged 0.44% in the last 24 hours, and was trading at $67.80 at press time.
- 2 The technical indicators for Litecoin show bullish momentum and strong performance.
The price structure of Litecoin crypto shows that the price rose from $58 to $79 and sustained in the parallel upward wedge. However, Litecoin fell from the supply level of $79 and slumped heavily out of the wedge.
However, the LTC crypto price dropped nearly around the demand zone at $60. Due to the buyers at this level, the price failed to make new lows. Recovery began at the $60 mark. Also, the price lows have shifted upwards, highlighting weak selling pressure.
Source: LTC/USD: BITSTAMP.1.D By TradingView
Now, it seems like the Litecoin crypto is set for a colossal surge, as it gears up to crack the resistance level and rocket to new peaks from the current support zone.
The Litecoin crypto asset is below the zero line despite the bearish momentum. It is displaying bullish behavior as MACD has shown a bullish crossover. Where the histogram value is at 0.06, MACD is at -0.71 and the signal line is at -0.77.
Furthermore, LTC crypto asset is exhibiting bullish strength and strong capacity as it holds above the major support level of $63 and is approaching the 20 and 50-Day EMAs to cut from below, implying bullishness.
The RSI is at 47 and since it is not near the 70 level yet, it took support from the 14-SMA, and is approaching the overbought level. This shows that the LTC asset is not facing much resistance and that it could gain more.
Per the overall analysis of the price movement, the Litecoin crypto asset is showing bullish signs and suggesting potential for further growth. It went up 3.78% last week, highlighting a strong uptrend.
Source: LTC/USD: BITSTAMP.1.D by TradingView
At press time, the LTC crypto surged 0.44% in the last 24 hours, with the asset trading at $67.80.
Therefore, if the demand for Litecoin remains high, the crypto price could spike more and could rise to retest the supply region as well. Then, the next goal for the price could be to reach $80 with $72 acting as a resistance.
However, if the LTC crypto price fails to stay above the $63 level, it could plummet further.
Summary
The LTC crypto price bounced back from a low of $60 and is aiming for $80. The technical indicators for Litecoin show bullish momentum and strong performance. The LTC crypto price could increase further if the demand stays high. However, if the price drops below the support level of $63, it could fall sharply.
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Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
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