MEXCLitecoin (LTC) Price Looks Upside Above 50 DMA At $112.0
There is not much change in the LTC/USD price for the past few sessions. Litecoin (LTC) liquidity has been squeezed out near the current levels. It seems the coin is waiting for some catalyst to break the past seven sessions range bound movement to begin one-sided momentum.
At the press time, LTC/USD is trading at $106.89, down 0.01% for the day.
- Litecoin’s (LTC) price remains muted on Friday.
- The price trades in the consolidated range of $106.0-$112.0
- An acceptance above 50 DMA at $112.0 is a prerequisite to beginning a fresh round of buying.
LTC is back on the demand zone near the $103-$107, the levels last visited in July. The price peaked at $232.67 in total 54% appreciation in value on September 5. After that Litecoin took support near the resistance turn support level at $140. The same level laid the foundation to test the all-time highs on November 10 in less than two months.
However, the Litecoin (LTC) price has once again tested the levels depreciating at in value.
The Daily Relative Strength Index (RSI) holds in the oversold zone. The momentum indicator makes double bottom near 27 hints some bounce back in the prices provided it shows an uptick. Furthermore, if it gives a bullish crossover then the buyers could open the fresh long positions here.
On the Balance volume (OBV), depicts that value depreciates as soon as the selling begins and dried up near the current levels.
What to Expect from the current levels
As seen in the past, LTC has recovered from the current levels with the support of the technical indicators the probability of the price appreciation can not be ruled out. The first immediate target is placed at 50 DMA at $140, followed by the $177 horizontal resistance level.
We predict there is less chance that price could further drop from this level. But if it slips below the lows of January 24 at 97.20 then would see the December 2020 lows of $70.0.
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