- Litecoin Price surges 13% in a single day and is trying to break the $100.00 mark.
- LTC Price holds the 50 and 200 day EMA but lacking the follow up momentum.
- Litecoin Price Prediction is bullish and suggests a significant rise is possible in the long run.
Litecoin Price is up by 13% in the single day and showed a sharp reversal by taking support at $80.00. The LTC Price continues to consolidate in the wide range between $65.00 to $100.00.
Buyers tried multiple times to break out of the higher range to expand upward but got rejected. It shows that the strong sellers are active near $100.00 and it will be difficult for the bulls to give breakout.
Litecoin Price sustains above the 50 and 200 day EMA shows uptrend. Well, the EMA’s are sloping sideways indicating the prices might consolidate for some more time.
The LTC crypto price recovered 33% from the recent swing low and created a positive hope for the breakout. However, the probability of the breakout will increase when buyers are able to hold the price above $90.00.
The recent up-move in LTC crypto looks powerful and more reliable because the overall market has also started performing.
Litecoin Price is trading at $95.30 with an intraday rise of 12.47%. The 24 hour volume to market cap is 15.12%. The pair of LTC/BTC is trading at 0.003142 with an intraday rise of 13.23%. The chart pattern of Litecoin with the BTC pair is also turning bullish and trying to recover from the lows.
Will Litecoin Price give the follow up momentum?
Litecoin Price Prediction favors the bulls and suggests a significant rise in the value is possible in the long run. Litecoin Price is forming a bullish continuation pattern but the momentum will be visible when buyers break out of the $100 hurdle.
Till Litecoin crypto sustains above $80.00 level, the prices are expected to remain in bulls grip. Any short term down move will be bought up and might show a positive bounce.
The next phase of rally in LTC will be visible above $100.00 which will trigger the positive sentiment and fuel the further rally. If LTC Price faced rejection from $100.00 then it is expected to remain in the consolidation zone.
Will LTC Price sustains above 200 Week EMA?
LTC Price formed a bullish candle on a weekly time frame and tried to hold the price above the 200 week EMA. Well, sustaining the price above the higher time frame EMA will boost the confidence of investors.
The MACD curve is rising upward and displays a positive crossover. The histogram bar is rising higher which is confirming the strength of bulls. The RSI at 65 sloping upward denotes strength as well as confidence of buyers.
Conclusion
Litecoin Price up by 13% in a single day and buyers trying their best to break out of the $100 hurdle. The technical analysis suggests, LTC Price is in bulls grip and probability of breakout is high. The breakout will fuel the rally which might take the LTC price to $120.00.
Technical levels
Resistance levels: $105.00 and $120.00
Support levels: $80.00 and $70.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.