Litecoin Simple Price Analysis: LTC Price Preparing for a Fresh Upswing to Reclaim $100

Photo of author
Written By Pinang Driod

The market appeared to be in the middle of a pre-halving rally as the Bitcoin (BTC) price soared high and achieved a new ATH close to $74,000. This triggered a healthy upswing within the entire crypto space, which propelled the LTC price beyond $100, surpassing one of the key resistance levels. Unfortunately, the sentiments flipped as the bulls displayed weakness and their inability to hold within the 3-digit figure caused a notable pullback to $80. 

The current trade set-up remains under the bearish influence, and the bulls are trying very hard to validate a minor-hidden bullish divergence. After facing rejection from the pivotal resistance, the price was feared to enter back within the consolidation zone. However, the bulls prevent extended bloodshed and have triggered a healthy rebound while the volume remains below average. 

While the market participants are pretty bearish ahead of halving, the LTC price is displaying huge potential of regaining key resistance at $100. 

The weekly chart of the Litecoin price rally remains extremely bullish, regardless of the current market conditions. One of the major indicators, the Ichimoku Cloud, has just turned bullish, which suggests a momentary shift in the trend along with the sentiments. Besides, the RSI continues to hover along the ascending trend line, suggesting the bulls hold enough dominance and as a result, recovering beyond $100 may not be a tedious job. 

Did You Know : Bitcoin Price to Drop More Before Hitting New High Post Halving 

Therefore, now that the bearish influence has waned and the price seems to have been accomplished with a correction after rejection, a fresh upswing appears to be imminent. The Litecoin bulls now appear to be poised to surpass the crucial resistance at $101, and if they display strength a rise to $115 may pave the way for the price to reach the key resistance at $145. However, the market dynamics play an important role and are subject to change with a minor change in sentiments.

Read More : What Will Happen if the Bitcoin Price Drops Below $58k?

SOURCE

Leave a Comment

AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk