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Sanjay Shukla
Nov 4, 2022
by Sanjay Shukla

LTC Technical Analysis: Will Litecoin Sustain the Bull Cycle?

LTC Technical Analysis
After moving sidewalks teasing 50 -day EMA, the LTC price action maintains an upward trend indicating a bullish pattern in the daily chart. So will the LTC defend the bearish breakout?

With Litecoin (LTC) trading at $66.11 at the time of writing, over the last one week, the token has gained $11.26 registering a growth of 20.33%. The meme coin delivered a 7% increase in just the last 24 hours, one of the biggest gains in recent part.

The latest resurgence in altcoin comes in the backdrop of the listing of the token by MoneyGram, a giant remittance services provider. On Friday the coin broke its previous resistance level of $64, rallying towards recovering its three-month losses, sustaining the psychological mark of $50.

Key Points:

  • LTC prices show a sidewalk trend with a bullish trendline in the daily chart 

  • After multiple rejections, LTC refuses to break above the new resistance

  • The intraday trading volume in Litecoin is $1.208  billion 

    • Source: Tradingview 

    LTC Technical Analysis

    Although the LTC recovered from the support level of $64 on Friday, the coin struggled to cross the resistance level of $66.86 due to increased selling pressure. However, the bullish trend gained momentum with LTC prices moving above the 50-day EMA making several rejections.

    As the LTC prices repeatedly bounced back from the resistance level, the chances of a bullish reversal with a bearish breakout are high with demand fluctuating indefinitely. 

    Technical Indicators

    After witnessing a sidewalk uptrend at the overbought zone the RSI has come down just above the halfway line signaling the buying opportunity. The saturation of the prices on the trendline signaled the bullish breakout that may cross the current support level. MACD also dived down from the overbought zone making a bearish crossover between fast and slow lines as the histogram shows a rise of a negative trend. 

    Therefore, the technical indicators show a potential decline in the prices in the coming days as soon as the current bull cycle ends due to rising selling pressure, leading to a correction in the prices. 

    Resistance levels: $66.90 and $66.86

    Support levels: $64.70 and $ 66.28

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    Litecoin LTC LTC Technical analysis
    LTC Technical Analysis: Will Litecoin Sustain the Bull Cycle?
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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