Litecoin Is Rallying As It Returns To Its Previous High Of $80

Jan 03, 2023 at 13:10 // Price

Litecoin is gaining momentum

Litecoin (LTC) has regained its bullish momentum and breached the $72 barrier level. The cryptocurrency is expected to grow and return to its previous high of $80.

Litecoin price long term prediction: bullish 

On the plus side, if the cryptocurrency price breaks the $80 resistance level, the market will surge to a high of $91.52. Nonetheless, the bullish momentum will fade if the cryptocurrency enters the overbought zone. Litecoin will fall if the altcoin hits a high of $80 but fails to break the current high. The cryptocurrency will be forced to trade in a tight range between $60 and $80. At the time of writing, Litecoin has peaked at $75.81. 

Litecoin indicator analysis 

Litecoin has risen to the Relative Strength Index level of 62 for period 14. The altcoin is in an uptrend after breaking through the $72 level. Price bars above the moving average lines are expected to maintain the current positive momentum. Litecoin surges above the 75th level of the daily stochastic. The altcoin is currently in the overbought territory of the market. 

LTCUSD(Daily Chart) - January 3.23.jpg

Technical indicators 

Resistance Levels: $140, $180, $220 

Support Levels: $100, $60, $20 

What is the next step for Litecoin? 

Litecoin is gaining momentum as it breaks above the $72 resistance level. The cryptocurrency is currently trading in the overbought territory of the market. The market is experiencing bullish exhaustion while approaching the $80 high resistance zone.

LTCUSD(4 Hour Chart) - January 3.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.