LTC/USD Conquers The $70 Resistance Level

The Litecoin market had previously faced rejection at the $70 resistance price level in early November. The price rejection resulted in a brief bearish move. The bullish trend resumes after the brief, but strong downward price movement. The bulls at the $50 support level mounted pressure on the market and as a result, the price skyrocketed, but the bullish trend now needs to deal with the $62 resistance level. That $50 support level remains the strong basis for the bullish move that has brought the price to the $80 price level. 

Litecoin Market Price Statistic:

• LTC/USD price now: $78.83
• LTC/USD market cap: 5,626,379,849
• LTC/USD circulating supply:71,677,456.23
• LTC/USD total supply: 84,000,000
• LTC/USD coin market ranking: #13

Key Levels

• Resistance: $80, $85, $90
• Support: $60, $55, $50

Litecoin Market Price Analysis: The Indicators’ Point of View

In the previous trading session, it was with a very strong bullish move the price retraced the November 5 resistance price level at $70. This market move triggered reactions from both the upper band and the lower band of the Bollinger indicator. This means the market is becoming more volatile yet the trend is going the bullish way. According to the RSI and the MACD, the Litecoin market may be entering the overbought territory. However, the force behind the bull market remains strong, the market may just have a brief retracement before the continuation of the bullish trend.

LTC/USD 4-Hour Chart Outlook

Even in this smaller timeframe, the Bollinger indicator shows a volatile market despite, the fact that much of the bearish activities are not reflected on the chart. However, we now see more movement in the upper band than in the lower band. Also, the 20-day moving average is now moving in an upward direction. For now, buyers need to deal with the $80 resistance level. And Currently, bulls are trying to establish another support level very close to the $80 price level. This will increase their chances of breaking the resistance. 

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