LTC coin indicates bullish moves and is keen to beat the round level of $100, as strong resistance and additional volume are required to register a breakout. The coin from the past few days made higher highs and traded in the uptrend. The buyers are heavily creating longs, and sober traction is packed in the LTC coin. In the recent price rally, LTC outperformed the other altcoins.
However, the coin trades in the rising parallel channel, and this channel’s trajectory perfectly lives above $108. Moreover, the price trades near the upper end of the Bollinger band and all sets for a fresh swing above $100.
Daily Chart Shows Rounding Bottom Formation
On the daily chart, LTC bulls are ready to punch the resistance and crack over it. The rounding bottom structure was formed on the chart, whose neckline is $100. If bulls succeed to form a bullish candle above it,a rally may get noticed Moreover, intraday delivery volume inclined with buyers entry.
Litecoin is currently traded at $98.93, trading with flat moves. Although in the previous sessions, it tested $101 and pulled his legs back.
Short-Term Moves Shows Price Breaks Out of Cage
On the 4-hour chart, LTC price moves out of the temporary cage with a long bullish candle, showing confirmation from the bulls. The spike in the volume during the breakout makes the bears trapped. LTC from the last couple of sessions makes higher highs and lows and moves upside with a gradual inclination in the volume.
The price trading inside the rising parallel channel decisively respects the 20 EMA with taking support on it.
What RSI and MACD says?
RSI ( Bullish): The RSI curve is positioned at 55 showing bullish signals. The curve is taking support at its lower trendline and looking for a bounce, indicating that additional buying activity may be seen in the upcoming sessions.
MACD ( Bullish): The MACD indicator does not show comfort for making long entries, as it tries for a crossover, but the MA line is still far away.
Technical Levels
Support Levels: $90
Resistance Levels: $115
Conclusion
Litecoin’s price is near the round of $100, which is a psychological level, not providing comfort for fresh entry for the buyers. If the price sustains above $105, it shows bullish confirmation, and the price structure is headed towards the next eye on $115 in the upcoming sessions. As of now, buyers have eyes on the breakout of the current level for further entry.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/04/litecoin-price-prediction-ltc-charges-in-full-swing-to-register-above-the-100-mark/