- Litecoin price climbed above the resistance area this week.
- Litecoin price is rising above the 20-day moving average.
- The bears are waiting for a conceptual round level of $100 to dump the crypto again.
Litecoin has made only one favorable price rally in the past few trading sessions. The bullish momentum in the prices helped the buyers to exit the selling zone. As a result, LTC crypto noted a five-month breakout at the end of November. Price stability above key bullish hurdles could bring more potential upside momentum in LTC.
The price action of LTC crypto is forming a higher-low structure on the weekly time frame while the crypto price remains below the ideologically critical level of $100. This $100 resistance will definitely affect the ongoing rally. Meanwhile, Litecoin price is trading at 76.7 against the USDT pair with a weekly gain of 2.46%.
On the weekly price graph, buyers successfully pushed LTC price above the 20-week moving average (white), but the 50 SMA is acting as the next important bullish hurdle. Also, the bulls managed the cost above the five-month resistance zone. Now this area has turned into an immediate aid area. Furthermore, the RSI escaped the midway (50 mark), indicating strong buying momentum for the longer term outlook.
The market capitalization of bitcoin has increased by 5.85% in the last 24 hours and according to CMC it is reported at $5.49 billion. The trading volume also increased with the high-low trend. Amid this bullish rally, buyers are keeping LTC cost above 20,50,100 and 200 day moving averages in terms of the daily price scale.
Similarly, the daily RSI indicator has lost ground near the door of the overbought zone, indicating slight panic among investors.
Litecoin price is under the control of the bulls after crossing the resistance area. Thus the bulls are rewarded for keeping the LTC crypto above the all important moving averages to hit the next resistance area. Now the most recent conceptual round of $100 could increase the chances of further selling.
Support level – $60 and $40
Resistance level – $100 and $120
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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