LITECOIN PRICE ANALYSIS : WILL LTC REACH $100 IN 2023?

• LTC seems bullish in the daily time frame.
• It is currently trading at $67.6 with an intraday increase of 2.85%.
• The token is down from it’s all-time high by 83.57%.

The token presently broke the resistance of $65.3 which shows that the token is under the bullish price action, the token has given 5% returns in the last 1 month and 15% in the last 1 week. The price can reach easily to the $75 range. 

LTC marked its all-time high on 10th May 2021 where a single token was priced at $412.96. 

It is currently trading with a surge in its trading volume by 75% in the last 24 hours.

1. The market cap of the token is $5.005B.
2. It has a current circulating supply of 73.669 LTC which is 87.7% of its total supply.
3. The token has a trading volume of $435.78M in the last 24 hours.

SENTIMENT ANALYSIS ( DAILY )  : 

The total market volume of the token has increased by 75.54% which indicates that the buying activity is currently ongoing in the market and the bullish investors are active. 

The total social engagements surged immensely by 2.22M% which is a huge social engagement which tells that the social community of the token is presently very energetic.

The total market cap of the token has recorded a rise of 2.57% in the daily time frame. 

The overall sentiments of the token are indicating a bullish move for a short term time period.

TECHNICAL ANALYSIS ( DAILY – 1D ) :

The LTC token has been in downtrend after getting rejected from the resistance level of $113 and since it is in downtrend. The price also created a falling channel from where the price was significantly falling and then the price broke below the $75 range and $65 which was earlier the support levels but now they are acting as resistance for the price.

The token is currently trading above the resistance level of $65.3 and currently it seems bullish but we have to also break the last lower low which is at $68 which will confirm the bullish price action. 

If the token gets rejected from the last lower low then the price might fall again and we will continue the downtrend.

If the price gets above $80.43 then we will cross the 200 day EMA and start a bullish rally.

To reach the $100 mark we have to break the $75 major resistance and start trading above it which is very important if we have to reach the $100 this year.

Relative Strength Index ( RSI )

The line of RSI is currently moving at 55.10 points and the SMA 14 line is moving at 39.58 points. The RSI is above the neutral level 50 which indicates a positive sign for the price action.

Moving Average Convergence/Divergence ( MACD )

In MACD, The fast blue line moving average is moving above the red slow line moving average and the histogram is showing a significant daily increase in the volumes which is a bullish sign for the price. But the volume has to significantly keep increasing if we want an upward move in the price.

LTC LIVE CHART : 

CONCLUSION : 

The price of the LTC is considered to be bullish and as soon as we cross the last lower low we will confirm the bullish price action. Also, In the opposite scenario if the price gets rejected then we can fall further and continue the downtrend.

TECHNICAL LEVELS : 

SUPPORT : $58.6 AND $50.5

RESISTANCE : $65.3, $75.6, $100 RANGE AND $113.

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.