Home
News
- Litecoin price is getting ready to overcome the immediate resistance at $80.
- The buyers managed the LTC correction well above the 20-day exponential moving average.
- The price action impressed buyers last night, thus increasing trading volume by 55%.
Bitcoin price is trading in a consolidation phase amidst bullish momentum. After the bullish gains of Nov. 23, the bears often denied momentum higher near the $80 round level. Later, speculators are driving the price momentum in a tight horizontal range of $74 to $81 for resistance.
However, since its yearly low of $40.30, Litecoin’s price action is forming higher-lows. This round level has been a significant demand area so far. Thus the buyers made almost 100% profit from the bottom to the 30 day high.
Buyers are marching towards the ideological round level of $100, but due to immediate bullish hurdle buyers continuously getting higher price rejections. Bulls must flip $80 mark into support level to uplift Litecoin price towards their short-term targets. None of these buyers have pushed crypto price above the long-term resistance level.
For the past few days, traders face trouble in volatile market as daily price candles show a small body. Meanwhile, against the USDT pair, Litecoin price seems bullish while it is trading at $78.23 Mark at press time. Following the positive scenario, market capitalization enhanced 2% in the last 24 hours, reported at $5.61 Billion.
During pump and dumps in tight range, Buyers well managed LTC correction just above the 20 day exponential moving average. Notably all significant EMAs are remaining below the current price of LTC. Resulting in, price action influenced buyers last night thus trading volume spiked 55%.
Against the recent price recovery, RSI indicator is decreasing down, but as of now it is higher than semi-line. In addition, MACD is slightly bearish after bearish crossover.
Conclusion
The Litecoin price (LTC) consolidated closer than the 20 day exponential moving average before intraday gain. So this consolidation may fuel bullish momentum ahead if buyers escape next resistance-$80 soon.
Support level – $70 and $50
Resistance level – $80 and $100
Disclaimer
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
