LTC Leads Market Recovery with 29% Gains in 24 Hours (Litecoin Price Analysis)
Litecoin is the surprise of this bear market, being one of the first coins to have a breakout and showing tremendous strength.
Key Support levels: $73, $64
Key Resistance levels: $82, $95
After a long consolidation since June, Litecoin has broken above this ascending triangle (pictured) that took months to form. In the process, the price rallied by 29% in the past 24 hours, which is an impressive achievement considering the current market context.
LTC has good support at $73 (breakout level) and will face strong resistance as it approaches $100 – at $82 and $95.
Trading Volume: The volume exploded during the breakout, and the price did not disappoint, with a very strong performance in the past two days.
RSI: The daily RSI is already over 70 points and has reached the overbought area. This is bullish.
MACD: The daily MACD is bullish, and the histogram has shot up since yesterday. This shows that the buying momentum is strong.
The bias for LTC is bullish.
Short-Term Prediction for LTC Price
Litecoin is the spotlight during the past few days, and speculation is spreading about why it would rally at this time. Rumors on Twitter indicate that regulation may favor proof-of-work coins, which would be bullish for this cryptocurrency. If this turns out true, then LTC could very well reach a three-digit valuation (> $100) in the near future.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.