Price Analysis

Rising Litecoin(LTC) Price Sets Its Next Target To $73.35; Buy Now?

A massive breakout of Litecoin price from $64.5 resistance offers a long entry opportunity for interested investors.

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Published 22 Nov, 2022 | 08:11:19 PM UTC

Rising Litecoin(LTC) Price Sets Its Next Target To $73.35; Buy Now?

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

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 22 Nov, 2022 | 08:11:19 PM

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