Published 10 hours ago
With a 52.4% volume hike, the Litecoin (LTC) price gave a high momentum breakout from the $64.5 resistance. Thus, this bullish breakout should accelerate the buying momentum and drive the prices to higher levels. As the daily RSI slope rises gradually with the bullish territory, the altcoin could surpass the immediate resistance of $69.5.
key points:
- The Litecoin price shows a massive breakout from the $64.5 barrier
- The 20-day EMA flipped into suitable support.
- The 24-hour trading volume in the Litecoin coin is $1.29 Million, marking a 52.4% hike.
Source-Tradingview
Amid the FTX crypto collapse, the panic selling in the crypto market caused Litecoin prices to lose a crucial support of $64.5. The downfall plunged the altcoin from $73.7 to $50.31, registering a loss of 31.62%.
However, as the market sentiment eased off, the Litecoin price rose gradually and started to regain lost ground. A bullish reversal from the $50.31 support surged the price to its current price of $68.6, entirely offsetting the recent downfall.
Moreover, with a 12% intraday jump, the LTC price pierced the $64.5 barrier and reattempted the previously mentioned breakout. A daily candle closing above the breached resistance will offer a strong footing for buyers to bolster further price growth.
With sustained buying, the altcoins should rise 7% higher to surpass another supply zone of $73.4.
On a contrary note, a breakdown below $64.5 indicates weakness in bullish commitment.
Technical indicator
Relative Strength Index: the daily-RSI slope climbs above the neutral zone, indicating a positive sentiment is returning to Litecoin price.
EMAs: The rising EMAs(20, 50, and 100) accentuate a recovery attempt from market participants. Moreover, a potential bullish crossover between 50-and100-day EMAs should attract more buyers in the market.
Litecoin coin intraday price level
- Spot price: $69
- Trend: Bullish
- Volatility: Low,
- Resistance levels- $69.5 and $73.4
- Support levels- $64.5 and $61.1
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/rising-litecoinltc-price-sets-its-next-target-to-73-35-buy-now/