LITECOIN PRICE ANALYSIS-$63.50: Can Bullish Momentum Drive LTC to $80?

LTC trend shows bullish signs, hinting at positive momentum

Litecoin price, influenced by a bearish trend, struggles to breach the $69 resistance zone, despite multiple attempts in recent weeks. Fed Chair Powell's hawkish comments triggered a market downturn, resulting in a bearish engulfing candle at $69. Additionally, resistance from the 50-day EMA near $69 adds further hindrance. 

On The Daily Chart:

On the daily chart, LTC is currently undergoing a corrective phase from $68.41, aligning with Bitcoin's movement. The coin could regain momentum if it maintains support above $62. LTC recently saw positive movements alongside Bitcoin, Ethereum, and Ripple against the US Dollar. Initially, LTC found stability above $57.50 before embarking on an upward trajectory, surpassing key resistance levels at $60 and $62. However, bearish pressure intensified around the $69.00 zone, leading to a correction. The price dipped below $65, breaking the 50% Fib retracement level.

On The 4-Hour Chart:

In the short-term four-hour analysis, Litecoin (LTC) is showing bullish signs. It recently broke a descending resistance line and reclaimed the $62 support level. Currently, LTC is finding support near the 100-period four-hour EMA. If it holds this support and breaches $69 resistance, a target of $80 could be reached in the near term.

Based on Coingabbar Price Analysis, LTC holds a market capitalization of approximately $4,675,272,836, accompanied by a 24-hour trading volume of nearly $514,554,190. 

KEY LEVELS :

RESISTANCE LEVEL : $66-$69

SUPPORT LEVEL : $62-$58

Is a 25% climb on the horizon? Is the uptrend still valid above $62? Has LTC experienced an 18% rally in just over a week? What are the reasons to avoid going long? Could LTC potentially reach a price of $100? Please provide your opinions in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.