LTC Price Analysis: After Surging 143%, Bulls Not Giving Up Yet!

LTC Price Is Retesting The 10EMA Before Escalation Process
  • LTC price surged 133% in the last rally and observed some profit booking
  • LTC price has started another bull rally which appears to be a breakout from a flag and pole pattern

The line chart speaks everything about the intention of the bulls for the LTC coin. As mentioned above, the prices surged 133% and saw a profit booking that evolved into a flag and pole pattern later. If the flag and pole pattern has a successful bull rally, we might find the price to hover at $230(79% upside). The market cap and 24-hour volume are $10,032,184,452 and $1,263,346,726 respectively. 

LTC Price Is Retesting The 10EMA Before Escalation Process

LTC price, post-breakout surged by 9% and are now testing the support provided by 10EMA and the pivot level. The price range volume analysis(left image) shows a rise in the selling volume, but it is getting neutralized due to the fresh set of buyers in the market. 

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The price is currently taking support from 10EMA($139) whereas receiving support at 20EMA at $143( Right image – Red Image) and 50EMA at $132 (Right image – Green EMA). 

The Bollinger Band of the median – 10EMA(Left image) points to a rise in volatility which confirmed the breakout. The red band is the Bollinger band’s upper band, which is restricting the prices to rise further $160 while the lower band of green colour is rendering support at $117. 

The MACD(8,21,5) (left image,) has also waved the bulls to enter the coin by turning green and the breakout. Currently, the indicator’s line is in negative territory, which raises the probability of a strong rally. 

The RSI (right image) is at 58 levels, after taking the support at 42 levels at the time of breakout. The RSI line might face resistance at 55-60 level and then directly at 80. 

Conclusion – 

LTC price is retesting support of 10EMA, 20EMA and pivot levels simultaneously after giving a breakout. The retest is successful so far and might raise the coin to $230 levels. Conservative bulls can wait for the coin to reach $183, which is the previous high.

Support: $136-$141(10EMA, 20EMA and pivot Level) and $132(50EMA)

Resistance:  $157(Upper BB), $170-$171(R1 Pivot Level) and $183(Tip of the Pole)

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Kartik Dhankani
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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