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- Litecoin price holds 50 and 200 day EMA forming higher high swings.
- LTC technical indicators are indicating sideways movement.
- The price might be showing signs of long term base formation.
Litecoin (LTC) price is trading with mild bullish cues. The bulls are trying to bounce back from the 50 day EMA support which shows that responsive buyers are active at the lower levels. It will be difficult for the sellers to drag the prices below the demand zone. The pair of LTC/USDT is trading at $96.93 (at press time) with an intraday gain of 1.16% and the 24-hour volume to market cap ratio at 0.0905.
Will LTC break out of $100 in first half of 2023?
Long term investors are wary of Litecoin’s steady rise as it forms higher high swings.
Around mid-January, LTC price broke out of the $80.00 level which created a positive sentiment. The price shot up by approximately 26% in a short span of time. However, the bears got triggered near the $100.00 level turning it into a strong barrier for the bulls.
LTC price is sustaining above the 50 and 200 day EMA which shows that the positional trend is in favor of the bulls and that any dip toward the support zone at $80.00 will provide an opportunity to accumulate at the lower levels. LTC consolidated for quite some time after breaking out of the $80.00 level which can be interpreted as a long term base. The price is expected to hold that level in the coming months. On the other hand, $102.00 will be acting as a immediate hurdle for the bulls. If they succeed in breaking out of the $102.00 level, a rally toward $114.00 in the short period of time may be witnessed.
The MACD generated a negative crossover suggesting bearish sentiments. However, the curve is tilting sideways denoting that the consolidation might continue for some more time. The RSI at 56 denotes balance between bullish and bearish positions. However, the price action is still in favor of the bulls. An upside expansion in the coming months is expected.
Summary
Litecoin price entered a wide consolidation phase and is showing signs of long term base creation. Technical analysis suggests that if the $80.00 level is held, then the probability of upside range expansion will remain in favor of the bulls. However, if the price drops below $80.00, then it will trigger negative sentiments and the bears might try to drag it further down to the $70.00 level.
Technical levels
Resistance levels : $102.00 and $115.00
Support levels : $80.00 and $65.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
