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.

Chart by TradingView

Technical Indicators

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.

Chart by TradingView


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.

The post LTC Leads Market Recovery with 29% Gains in 24 Hours (Litecoin Price Analysis) appeared first on CryptoPotato.

Related Posts

Ripple to tackle $9-trillion dollar market and could serve 50% of world’s population

Ripple is confident that its XRP Ledger is capable enough to handle stablecoins and CBDCs for billions of people across the world. Ripple said that central banks…

Report: AAX Users Storm Crypto Exchange’s Nigerian Offices, Attack Employees

Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX…

Polygon partners with Walmart and industry giant Flipkart from India – Will MATIC price rise to $50?

Ethereum layer 2 scaling protocol Polygon enters partnership with Walmart-associated Indian e-commerce marketplace Flipkart  Polygon’s multiple recent partnerships has been boosting the price of MATIC Flipkart, one…

Mysterious Bitcoin miner shows off oldest signature dated Jan. 2009

Answering the question ‘Who has/had the oldest mined Bitcoin?’ an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into…

Demand for Cryptocurrency Miners Rises in Russia Amid Low Prices of Hardware

Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian…

How NFTs Can Shape the Future of Music

When people hear of NFTs, the first thing they think of is beautiful but quirky digital images. But those images are only one kind of NFT. NFTs…

Generated by Feedzy