Litecoin
Litecoin Price Analysis: Bulls have once again breached the $100 barrier; is this a support level for the LTC coin?
- The Litecoin price has been suggesting the selling on rise technique for the past several days.
- Litecoin is up by 3.22% this week after retesting the yearly low multiple times.
- The Litecoin price related to the Bitcoin price is trading at 0.002631 Satoshis, bullish by 0.7%.
Litecoin has increased this week, gaining 3.2% after 5 Red weekly candles. With limited price volatility, the price trades in a rather tight range. From a technical standpoint, the price of LTC is sitting just above the annual low, which has been retested numerous times by the bears; hence, the price is expected to rebound.
At the time of writing, LTC was trading at $102 during the rally. Meanwhile, buyers find a downside round of $100, which could act as an important support level if the bulls manage to move above it.
In the last 24 hours, the market cap saw a 2.1% increase in the market cap, which is now at $7.19 billion. Thus, volatility is on the rise, and there was also a 10% increase in trading volume yesterday. Furthermore, Litecoin’s price is trading at 0.002631 satoshis, which is up 0.7%, relative to the bitcoin price.
Buy or deny
The RSI indicator is trending upward after reversing from the oversold area in terms of the daily price chart. The indicator may give a reversal signal near the semi-line (50 mark).
Conversely, the MACD is suggesting a bearish trend by looking below the neutral level (0 Mark) after a bearish crossover.
Conclusion
After the Bollinger Bands indicator retraced the lower range, Litecoin investors are now hoping for a trend reversal. However, technical indications are providing some uncertainty regarding the directional trend.
Support levels – $100 and $70
Resistance level – $130 and $150
