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Litecoin Price Prediction: Bullish Momentum Continues, $80 Next?

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Litecoin Price Prediction: Bullish Momentum Continues, $80 Next?
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The price of the Litecoin cryptocurrency (USD: LTC) is in a strong uptrend and is trading near the $78.50 resistance line. Buyers are eager to overcome obstacles and reach new heights. LTC cryptocurrency increased by more than 7.05% last month. Prices trading above major moving averages highlight bullishness. 

The price action indicates that the LTC cryptocurrency has broken multiple highs and demonstrated the strength of the bulls, which continues to sustain the buying momentum.

At the time of publication, the Litecoin cryptocurrency was trading at $78.41 with an intraday loss of 0.11%, above the 200-day EMA and indicating bullish sentiment on the charts. Intraday trading volume is 544.12 Million and the market capitalization of Litecoin cryptocurrency is $5.787 Billion at press time.

Source: Coinmarketcap

The oscillator indicates that the current price is overbought. Investors are optimistic about next week’s results. The price of the Litecoin cryptocurrency rose by about 9.24% over the past week and has risen by around 7.05% over the past month. 

However, in the long term, the cryptocurrency performed well, having gained about 24.09% in the last three months, and about 0.71% in the last six months. The crypto’s performance over the course of the year has also been decent – 11.63% year to date.

Technical Analysis of Litecoin Crypto Price in 1-D Time Frame

Source: Litecoin.1D.USD by TradingView

Litecoin (USD: LTC) price rose steadily over the past three months (23.14%), and 7.05% over the past month. Currently, the LTC cryptocurrency is trading in a bullish zone and is trying to maintain this level even after the unexpected price surge.

If this level is maintained, Litecoin may reach the first and second targets of $80.00 and $85.00, respectively. However, if LTC price  falls, it may reach the nearest $75.00 and $70.00 support levels. The Litecoin (USD: LTC) cryptocurrency is currently trading above its 50-day and 200-day simple moving averages (SMA).

However, as buying volume increases, the price can create higher highs and new highs to maintain bullish momentum. Therefore, the Litecoin price is expected to move higher and remain strong on the daily chart. 

The current RSI value is 64.76 points. The 14 SMA is above the centre line at 55.56 points, highlighting the bullish nature of the Litecoin cryptocurrency. The MACD line at 1.57 and the signal line at 0.86 are above the zero line.

A bearish crossover is observed. The MACD indicator signals weakness in the momentum of the LTC crypto price.

Summary

Litecoin is poised for growth, driven by strong bullish momentum and optimistic investor sentiments. If the buying pressure persists, the $80.00 and $85.00 targets are within reach. However, potential price drops could find support at $75.00 and $70.00. Technical indicators offer mixed signals, with RSI suggesting overbought conditions while MACD hints at weakening momentum. Overall, the outlook for Litecoin remains positive, with the potential for significant gains in the near future.

Technical Levels

Support Levels: $75.00 and $70.00

Resistance Levels: $80.00 and $85.00

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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