- LTC has shown a rebound in the past trading sessions.
- The bulls looked in perfect shape to beat the mighty bears.
Litecoin’s price is below the psychological level of $100, which bulls did not tolerate in the last weeks. The bulls resume stashing and are willing to retrieve the momentum and try to bring the sweet spot of $100 again.
The price action indicates that sellers are now glimpsing snared, which might close the positions in the subsequent sessions, and short covering may be seen, which claims the LTC towards $100.
Moreover, the LTC was also noted with an ascending triangle pattern which suggests a breakout in the subsequent sessions above $94. However, the mighty bears were also in the war and persisted in making short positions in the past sessions. The effort favors bulls, who acquired the upside swings in the last three trading sessions.
When writing, LTC is trading at $88.80 with an intraday gain of 2.18%, showing a momentum rise. Moreover, the trading volume also surged by a massive spike of 11%, indicating that investors are trying to fetch the sweet spot of $100 as early as possible.
However, LTC has been acquiring gains in the last few days, and sellers have shown weakening strength. The price action shows that the price held near the significant moving averages and faced rejection below $90 in the recent trading session. The bulls have activated the charge and will pursue the shine again.
Daily chart Formation of LTC
On the daily charts, LTC supports the 200-day EMA and continues to lift the price and charge the muscles continuously in the recent sessions. Moreover, it is escaping a 50-day EMA also, complete closing has to be looked out for the convection for buyers to make new long positions above $90.
As per the Fib levels, LTC is above neutrality, showing that bulls are now gaining traction and that trajectory swings of $100 will be retested in the upcoming sessions.
Short Term View of LTC
On the 4-hour chart, LTC is above the uncharted territory of $80 of the demand zone and sustaining well near the 50-day EMA.
The RSI is rising near the overbought zone and reverting from the mark of 80, showing the bullishness of LTC. Moreover, the positive crossover was also conducted, which still needed to be crossed by the bears indicating the bulls’ strength.
Furthermore, the MACD indicator also showcased a bullish crossover in the past sessions conveying the bullishness.
Conclusion:
Litecoin shows a rebound from the demand zone of $80 and offers a positive outlook based on the recent move in the last trading session.
Technical Levels
Support Levels:$75 and $80
Resistance levels: $95 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.