Based on technical and fundamental factors. LTC has broken out of its sideways range from last week, ending well above a key resistance and support level at $75.
Despite the market uncertainty that has impacted major crypto projects that have continued to expand in this bear market, the price of LTC on the daily chart has showed bullish strength. On the daily chart, LTC's price was trading around $60.
Nonetheless, the price recovered off this level as LTC rallied to a high of $84 before facing minor resistance to continue trending higher. If the price of LTC remains over $75, we may witness another climb to the $90 zone.
The LTC/USD is highly bullish today, according to daily chart price analysis. On the daily chart, LTC breached the long consolidation as well as the descending triangle pattern.
The crypto market's panic selling during the FTX crypto crash prompted Litecoin prices to drop to a critical support level of $64.5. The drop dropped the cryptocurrency from $73.36 to $47.60, representing a 35.80% loss.
LTC had broken through the $60 and $65 resistance levels. The bulls even managed to get the price above $70 and $80. They were, however, unable to overcome the $85 barrier. A high was formed near $83.66 and the price began to fall precipitously.
The price is trading above $75 and the 50 hourly simple moving average. On the 4 hour chart, LTC is trading in a bullish flag pattern, break will lead rally up to $85.
On the upside, a major resistance barrier is $82.00. The next significant resistance is at $85.00, after which the price may continue to rise swiftly. It may reach $90.00 in the aforementioned case. Any more rises might push the price up to $95.00-$100. level soon.
If LTC fails to break through the immediate resistance level of $82.00, On the downside, an immediate support level is at $75.00 and the 50 hour simple moving average. The next major support is at $70.00. If the price breaks below the $70.00 support level, it may accelerate lower below the $65.00 level in the short future and the 200 hour simple moving average.
According to Price Analysis, The market capitalization of this LTC is estimated to be $5,598,999,819. The 24-hour trading volume for the coin is around $1,588,130,789. LTC market capitalization has risen by 0.25%. However, trade volume decreased by 25.50% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $82.00-$85.00
SUPPORT LEVEL : $75.00-$71.00
Litecoin (LTC) has made a shocking breakout over $65 and has increased by more than 29%. The LTC is now facing resistance at $85. Is there any more bullish juice left in the tank, or will the recent surge be followed by a dramatic correction? Please comment on the above statement.