The Litecoin (LTC) price has increased since July 10 and is currently trading inside the $100 horizontal area, possibly validating it as resistance.
There are mixed signs in regard to the price action and indicator readings. As a result, the reaction to this area will be crucial in determining the future trend.
Litecoin Price Bounce – Will It Clear Resistance?
The technical analysis of the daily time frame shows that the LTC price has increased since July 10, when it created a bullish candlestick (green icon). The long lower wick and bullish close validated the $93 support area. It also suggested that bulls have begun to take over.
Currently, the LTC price is trading inside the $100 horizontal area. This is a very important resistance level since it previously caused three rejections (red icons) since the beginning of February.
While the price seemed to break out on June 30 (green circle), that was a deviation since LTC fell below the area several days later.
The daily RSI is undetermined. Traders utilize the RSI as a momentum indicator to determine whether a market is overbought or oversold, helping them decide whether to buy or sell an asset.
If the reading is above 50 and the trend is upward, it provides an advantage to the bulls. Conversely, if the reading falls below 50, the opposite holds true. While the RSI is above 50, it is decreasing. Therefore, these mixed signs fail to confirm the trend’s direction.
Therefore, the future LTC price prediction will likely determine whether the price closes above the $100 area or gets rejected. If it gets rejected, a decrease to the next closest support at $82 will be expected.
On the other hand, a breakout could take the LTC price to the next resistance at $130.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/litecoin-reclaims-key-price-level/