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Litecoin

Litecoin Eyes Yet Another Critical Level; Will the Bears Make A Strong Comeback?

Litecoin [LTC] has surpassed major hurdles which now acted as critical support points for the coin’s price. Thanks to the bull run led by Bitcoin, the silver crypto noted an increase of 32.59% over the past week.

Despite facing a pullback in its uptrend, the LTC bulls have continued to attempt the push price higher while defending ist support points. After a surge of nearly 7% over the past day, Litecoin climbed to a price of $77.94 as it held a market cap of $5.137 billion and a 24-hour trading volume of $5.68 billion, at the time of writing.

Has the bullish momentum dampened?

Litecoin [LTC] Daily Chart:

11 e1605789135491

Litecoin’s one-day chart demonstrated the steep incline in its value as it climbed to pre-Black Thursday levels. Responding to the strong uptrend, the daily moving averages also aligned with the bulls. The 100 DMA [Blue] underwent a bullish crossover with the 50 DMA [Pink] on the 16th of November and the rising gauge further reinstated the positive sentiment.

Moreover, the 200 DMA [Yellow], which recently underwent a golden crossover with the 50 DMA, settled below both the lower DMAs depicting rising bullish pressure. The coin was significantly supported by the three moving averages at levels, $55.26, $54.13, and $50.21 respectively.

Bulls In Control

LTC 2 e1605790184839

The technicals signaled that Litecoin was gearing up for a potential upswing and is far from forming a local top despite a sudden and short-lived correction. This was evident by the diverging Bollinger Bands which suggested a period of high volatility in the offing as the coin targeted breaching resistance levels not seen for a very long time.

Besides, the MACD indicator generated a strong buy signal as it formed a bullish crossover above zero. A move by the MACD into bullish territory can confirm that LTC was heading to make more gains.

Litecoin no targets its immediate resistance point of $83.50, a level not seen since the 13th of February this year. If the bulls gain the necessary traction and manage to breach this level, the coin could aim for another crucial resistance region of $90 and climb a yearly high.

 

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