Litecoin Price Prediction: LTC Price Set To Jump 16%; Are You Buying?

By Rekha chauhan
April 16, 2022 Updated April 16, 2022
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LTC price trades with significant gains from where an upswing is possible as per the technical setup. The prices rise from a vital support level that indicates that a short-term uptrend seems likely in the coming days for the asset.

  • LTC price extends the gains for the second session in a row.
  • Looking for an ascent of 16% after forming the double bottom near $100.0.
  • However, immediate upside resistance is placed near the 50-day EMA.

LTC price looks for gains

LTC price rallied 36% from $8 from the lows to set the swing highs at $1.23. The upsurge in the price is expected to continue as supported by the above-average volumes.

Source: Trading View

After tagging the recent highs the price retraced a multi-week support level. Since then LTC’s price has appreciated in the past five sessions.

On the daily chart, if the LTC buyers are able to move beyond the 50-day EMA at $116.55 it will strengthen the upside arguments in the price as it will mark the cross of a significant upside barrier. The bulls will be tagging the April 6 highs at $123.24.

Furthermore, a daily close above the mentioned highs would attempt to take out the horizontal resistance line at $130.0.

On the contrary, a move below the session’s low would invalidate the bullish outlook on the asset. On moving downside, the price could fall straight to the psychological $100.0 level. In addition, a daily close below the mentioned level would trigger another round of selling at the LTC price.

As of press time, LTC/USD trades at $112.20, up 1.02% for the day.

Technical indicators:

Stochastic oscillators: The momentum oscillator rises above the oversold zone with a positive bias.

MACD: The indicator is in the process to move above the midline supporting the bullish outlook.

 

 

 

 

 

 

 

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
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.

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