- LTC is trying to sustain above 20-day EMA on the daily chart.
- Bulls are showing their muscles and are willing to meet the higher tops.
Litecoin’s price is below the vital rounded mark of $100, which bulls desire to cultivate again and have been trying for the last few weeks. The bulls renew caching and are keen to regain the momentum and bring the sweet spot again.
Bulls were keen to go via the complexion of the 20-day EMA, which acts as a barrier, but bulls continued to bounce just after the retracement, showing the buyer’s attention toward the LTC coin.
When writing, Litecoin is trading at $86.60 with an intraday gain of 2.20%, which shows the bulls pace of action. While the pair of LTC/BTC is at 0.00328 BTC, the intraday trading volume rose by 8.89% to $556.72 Million. Moreover, the market cap of LTC is $6.18 billion. Furthermore, the day low of the coin is $84.54, and the day high is $87.87.
Daily Charts Shows Trendline breakout
On the daily charts, LTC price breaks the trendline above the mark of $88, but again retesting the spot and trying to bring a fair pace of action to beat the mighty bears.
Meanwhile, LTC faces rejection from a 20-day EMA that needs volume support from mature investors; afterward, the coin will escape above that barrier.
Still, battles are at an exciting level, where bears want to break the path, and bulls want to leave the trajectory and move beyond the marks.
Moreover, the price supports the middle Bollinger band and is willing to achieve the recent swings near $90.
The price action indicates the traction gained by bulls in the last two consecutive sessions, and buyers showed their interest in the coin. The trajectory swings indicate that if bulls succeed in going above the 20-day EMA, the price will cross $92 soon, whereas if it breaks below the trendline of $85, then further tank heads toward $80.
Short term charts derives negative cues
On the 4-hour charts, the LTC coin shows mild bearish signals due to the rejection from the 20-day EMA.
The RSI was sharply bounced from the oversold region and now facing the neutrality bar to go above the juncture. Although a positive crossover was noted in the curve, which indicates a significant upside, it takes time to register.
The MACD indicator showed the end of bearishness, and a green bar on the histogram indicates a fresh buying started in the LTC coin.
Conclusion:
Litecoin is near the 20-day EMA, which acts as a barrier, but buyers continue accumulating, showing their aggressive muscles to leave the fence in the upcoming sessions.
Technical Levels
Support Levels: $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.