LTC Price Analysis: Token is on an uptrend; will bulls continue to boost the token's price?

The token has been consolidating in a range for the past few days on the daily time frame.
The pair of LTC/USDT is trading at the price level of $88.43 with a decrease of -1.1% in the past 24 hours.

The recent market crash completely disrupted cryptos last year, with major tokens incurring significant losses. However, several tokens have been regaining ground since the beginning of 2023, indicating that the bear market is finally coming to an end.

Litecoin (LTC) on the daily chart

Bulls are in action and driving up the token’s price with strong bullish momentum. The token is approaching its next resistance level of $96.94. As we can see on the daily chart, LTC token is currently trading at $88.43 with a loss of -1.1% in the past 24 hours. The token has crossed and sustained above its key Moving Averages which are 50 EMA and 200 EMA.( 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 EMA crosses the 200 EMA upward, indicating bullishness.

Relative Strength Index: The asset’s RSI curve is currently trading at 60.43, indicating that it is in the overbought zone. For the past few days, the token has been consolidating in a range, and the value of the RSI curve has been dropping. The RSI curve has crossed below the 14 SMA. If bulls continue to push the token’s price higher, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

The token has shown bullish momentum in recent days and has sustained above the resistance level on a daily time frame. Investors can now buy the token because 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, with a target price of $96.94 based on their risk-reward ratio.

According to our current Litecoin price prediction, the value of Litecoin will fall by -1.19% and hit $ 87.19 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 54. (Neutral). Over the previous 30 days, Litecoin had 19/30 (63%) green days and 9.54% price volatility. According to our Litecoin forecast, now is a good time to buy Litecoin.

Technical Levels

Major support: $80.11 & $86

Major resistance: $96.94

Conclusion

Token has shown bullish action in recent days, with bulls pushing the token’s price upward. Investors can set a stop loss based on their risk-to-reward ratio and buy now. If the bulls can hold their current levels, the bullish trend will continue.

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.