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Vikram
Jun 20, 2022
by Vikram

LTC Technical Analysis: Will Litecoin Prices Break Above $60?

LTC Technical Analysis 
LTC prices showcase a recovery rally surpassing $50 with a double bottom reversal. Will the bullish rally surpass the 20-day EMA?

Key technical points:

  • The LTC market price has increased 13.14% over the past 24 hours.

  • The 20-day EMA provides constant dynamic resistance.

  • The 24-hour trading volume of Litecoin is $1.40 Billion, indicating a hike of 47%.

    • Past Performance of LTC

    The LTC price action shows daily candles with long tails representing lower price rejection which are failed attempts by sellers to cross under $40. However, the consolidation near $40 forms a double-bottom, and the breakout suggests the start of a recovery rally.

    TradingView Chart

    Source- Tradingview

    LTC Technical Analysis 

    Over the weekend, the LTC prices surpass the psychological mark of $50, signaling the start of a recovery rally. And the double bottom’s breakout increases the buying pressure and prepares to take on the resistance overhead of $60. The MACD indicator signals a buying opportunity based on a bullish crossover in the fast and slow lines. Moreover, the resurging positive histograms reflect a rise in buying pressure.

    The increase in underlying bullishness drives the RSI value above the 14-day SMA line. And the bullish divergence in the double bottom hints at an uptrend continuation. Since the April crash, the 20-day EMA has provided dynamic resistance to the declining Litecoin prices. Hence, the breakout of the EMA will be the ultimate confirmation of a recovery phase. In a nutshell, the technical indicators reflect a boom in buying pressure with the 20-day EMA as an ultimate short-term resistance. Hence, the LTC technical analysis forecasts a bullish trend if the prices sustain above $50.

    Upcoming Trend

    The upcoming trend in the LTC prices seems highly bullish as the reversal rally gains momentum. And, if the buying pressure continues, the market value will skyrocket above the $75 mark.

    Resistance Levels: $60 and $75

    Support Levels: $40 and $30

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    LTC Technical Analysis: Will Litecoin Prices Break Above $60?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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