LTC Price Analysis: Token breaks above the resistance level, what's next?

Token has shown bullish actions in previous sessions.
LTC is trading above the resistance level on a daily time frame.
The pair of LTC/USDT is trading at the price level of $84 with a decrease of -1.51% in the past 24 hours.

Litecoin (LTC) is a peer-to-peer decentralized cryptocurrency that intends to be the “future of global payments”. The bears’ long-term downtrend was reversed by bulls taking command and reversing the trend.

LTC on the daily time frame

Bulls are driving the token’s price higher, forming higher highs and lower lows. According to the daily chart, LTC coin is now trading at $84 with a -1.51% loss in the last 24 hours. It is trading above its key Moving Averages (50 and 200 EMAs). (Red line is 50 EMA and the blue line is 200 EMA). In the daily time frame, a bullish crossover had occurred. In a bullish crossover, the 50-day moving average crosses the 200-day moving average upward, indicating bullishness.

Relative Strength Index: The asset’s RSI curve is currently trading at 70.11, indicating that it is in the overbought zone. The rise in token price has led to an increase in the value of the RSI curve. The RSI curve had crossed above the 14 SMA, indicating bullishness. If bulls continue to drive up the price of the token, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

Token has broken over the barrier level with high volume, indicating a bullish trend. Investors can buy the token now since it is trading above the key Moving Averages and has successfully sustained above the resistance level. Intraday traders, on the other hand, have a good opportunity to go long and can target $96.94 based on their risk to reward ratio.

According to our current Litecoin price forecast, the value of Litecoin will fall by -19.73% and hit $ 67.30 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 31. (Fear). Over the previous 30 days, Litecoin had 16/30 (53%) green days and 8.33% price volatility. According to our Litecoin forecast, now is a good time to buy Litecoin.

Technical Levels

Major support: $74.34

Major resistance: $96.94

Conclusion

Token has shown bullish action in recent days, with bulls pushing the token’s price upward. Investors can buy now with a stop loss based on their risk-to-reward ratio. The bullish trend will likely continue in the foreseeable future, with investors seeking to maximize their gains.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.