Is Litecoin Ready for Big Move After the level of $51.20?

Pratik Chadhokar
Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • The coin trading at the level of $50.62 and up by 1.60% in the last 24-hours and gain 9.44% in the last seven days 
  • LTC is trading near the resistance level of $51.24 and with the level support for it is $48.85
  • The coin is in bullish momentum making higher highs after testing the level of $42.54 on the monthly chart 
source:tradingview

On the monthly chart of Litecoin, it is making higher high and it indicates the uptrend of the coin after touching the support level of $42.54 the coin is in an uptrend and trading around the resistance level of $51.24 over the 4-hours candlestick chart. The volume of $2,846,687,832 is observed in the last 24-hours and the market capitalization of the Litecoin is $3,320,501,815. After falling from the 90 days high of $68.52 the cryptoasset dropped to the low of $42.54. After clearing resistance of $51.24 an upper target of $53.40 can be seen in the coin 

source:tradingview

Relative Strength Index (RSI) is making upper high over the RSI chart and trading above the level of 50 is in a bullish zone and making and trading at the level of 63.2 and it shows the strength of the coin likewise the Commodity channel index   (CCI) is trading in overbought zone and taking the support at the upper range of the indicator suggesting the bullish movement of the coin.

source:tradingview

Moving Average Convergence Divergence (MACD) of the coin indicates the consolidating near the neutral zone and giving multiple crossovers near the neutral level and a crossover is expected at the current level as the crossover brings the price correction.

Resistance level: $51.20

Support level: $48.85

Target : $53.40

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