December 6, 2022

Litecoin Price Analysis: LTC Surges 20% Daily, Reaches Highest Price Since May

2 min read

Key Support level: $236

Key Resistance level: $370

Litecoin has been consolidating given that May, and the cost began to increase slowly from July. Nevertheless, in the previous 2 days, LTC had a significant breakthrough and began to increase. It rose by around 20% in 24 hours. It also set a 6-month high.

Litecoin likewise broke above the $236 resistance and turned it into assistance. Due to the fact that of LTC’s lacking efficiency, the next major resistance can be determined at around $370, which is a long way from the present cost and would absolutely take sustained momentum from the bulls to arrive.

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Chart by TradingView Technical Indicators of LTC Price Trading Volume: Good volume on this move. Nevertheless, it’s crucial to be conscious of any exhaustion from the bulls as they’ve been pushing the price for a long time, and the existing volatility might result in a short correction. RSI: RSI has actually crossed above the 70 points on the daily timeframe, suggesting strong bullish momentum. On the weekly timeframe, LTC seems to have a lot of room to move higher and set a brand-new all-time high.

MACD: The MACD on the everyday timeframe and above is extremely bullish. The price looks most likely to continue trending higher prior to a possible pullback as soon as significant resistance levels are satisfied. The weekly MACD can stay bullish despite any corrections revealing that LTC has a long way up before it tops.

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Chart by TradingView Predisposition The predisposition is bullish. This is supported by the rate action, volatility, and indicators. Remember, volatility can go in both methods throughout a bullish market, so be on guard.

Short-Term Prediction for LTC Price

It’s very fascinating to see if the bulls will have the ability to sustain the momentum all the method as much as $370 and, potentially, how the rate will behave if it arrives. Till then, it appears affordable to expect to see the cost above the assistance at $236, which need to hold – – in case of a correction.