Litecoin Price Analysis: LTC Price Could Touch $500 Soon

LTC bulls are ready to take the price at $500
  • Litecoin Price is currently seeing a halt in the bullish momentum with an intraday gain of 4% 
  • LTC price is trailing above 50 and 100 Daily  Moving Averages. Meanwhile, indicators showcase a bullish move in the upcoming days
Source: Trading view

Litecoin price is on an uptrend with an intraday gain of 3.74%. LTC price can face hostility while going up at $320. In contrast, a bounceback in Litecoin can be seen from $230. LTC is trailing above 50 and 100 Moving Average. 

It has seen a bounceback at 50 MA in the past trading session. After the bounceback, Litecoin has seen a gain of more than 30% within a week.. The LTC/BTC pair is also showing strong bullish momentum with a gain of 8.25%

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Litecoin is currently ranked 10th with a market capitalization of $24,076,144,847.The 24-hour trading volume went up by 103%.

Technical Indicators Hints A Bullish Momentum For LTC Price

Source: Trading view

Litecoin shows a positive momentum on the weekly chart. While coming on to the shorter time frame of 4hrs, it is forming a bullish engulfing pattern. Litecoin price might reach $400 if it jumps above the resistance of $300. If LTC goes down below $250, then one should wait for the price action to do its work. LTC/BTC pair might also see a rise from the current levels.

The volume indicator on the 4hr chart is at 3.75K, highlighting a buy signal with lower strength. It can see a rise in buying if it goes above $300.

RSI (Bullish): It is currently at 59.29, highlighting its presence in the neutral area. There is a positive slope formed in the RSI, showcasing a bullish momentum for the price. The overall sentiment of RSI is positive.

CONCLUSION

Litecoin has given some unexpected returns in the past to its investors. LTC sees a stoppage in the bullish run for a while, but it can again regain its momentum. Investors should do their due diligence before investing.

Technical Levels

Major Support:$230

Major Resistance:$320

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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