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Litecoin Price Analysis: Bulls have once again breached the $100 barrier; is this a support level for the LTC coin?

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  • 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.

Source: LTC/USDT by Tradingview
 

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 

Source: LTC/USDT by Tradingview 

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

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