- Litecoin price broke out the narrow range consolidation and formed a giant bullish candle
- LTC crypto price sustained above the 50 and 200 day EMA
- LTC technical indicators are turning bullish
The Litecoin crypto price is trading with bullish cues and bulls are trying to break out of the narrow range consolidation which can trigger a further rally in the coming days. However the confirmation is still awaited. Currently, The pair of LTC/USDT is trading at $94.54 with an intraday gains of 5.43% and the 24-hour volume to market cap ratio at 0.111
Will the LTC price break out of the $100 ?
On a daily time frame, Litecoin price continues to rise upward by forming higher high swings and bulls are attempting to break out of the $95.00 hurdle level. Recently, LTC price had broken out of the previous month high at $84.00 and entered into the narrow range consolidation which has created a bullish sentiment and buyers seem to be expecting more upward movement in the coming days.
LTC prices are trading above the both 50 and 200 day EMA which shows the confidence of bulls at the lower levels. However, the prices are near the supply zone and confirmation of the recent breakout will come when bulls will be able to hold the prices above the $100.00 level. On the other hand, If prices face rejection from the supply zone then $80.00 will act as immediate support for the bulls followed by next support will be at $60.00 level.
The LTC prices have performed quite well and the technical indicators are also turning bullish which shows that the short term trend is in the favor of bulls and if market sentiment remains positive then the probability of the breakout increases and prices can rally towards $107.00 in a short span of time. The MACD indicator is on the way to generate a positive crossover and the RSI curve at 68 sloping upward denotes the strength of bulls.
Summary
The Litecoin crypto prices have shown a meaningful recovery and bulls are trying to push the prices above the $94.00 hurdle level but confirmation is awaited. The technical indicators suggest that the short term trend is in the favor of bulls and any dips towards the support levels will be a buying opportunity for the investors. Therefore, till prices sustained above $80.00 level, traders may look for buying opportunities for the target of $107.00 by keeping $75.00 as SL. However, if prices slipped below $75.00 then bear’s can drag it down towards $60.00 level
Technical levels
Resistance levels : $107.00 and $114.00
Support levels : $80.00 and $60.00
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.
Source: https://www.thecoinrepublic.com/2023/01/29/litecoin-price-prediction-ltc-price-continues-the-bullish-pattern-and-gets-ready-for-the-100/