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.
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.
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.
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