The price of Litecoin is rising and might reach $100 soon.
As the price of Litecoin has been moving upward over the previous several weeks, the cryptocurrency has recently gained attention. The currency has maintained positive momentum and showed minimal price fluctuation over the past 24 hours after breaking out of this trendline.
Over 4% of LTC have increased in the past week.
The altcoin’s price recently increased by more than 4%, pushing it closer to its immediate resistance level. Despite a little decline in accumulation, the bullish technical prognosis for Litecoin is still positive.
Bulls overwhelm Sellers, and LTC recovers
At the time of publication, buyers still outnumbered sellers despite a decline in demand. The alternative currency was able to recover from the $95 price point, which helped it go higher. But it’s still unclear whether Litecoin will surpass the critical $100 threshold.
Market Health is Important for LTC
For Litecoin to succeed, the health of the whole market is still essential since a decline in demand may push the cryptocurrency back down to the $95 threshold. The reduction in Litecoin’s market value suggests a drop in demand.
Analysis of the One-Day Chart for LTC
Recently, the cryptocurrency surpassed the $95 resistance level and turned it into its closest support. The $100 price point, which has psychological significance, serves as its present barrier. Upon crossing that threshold, LTC will encounter a barrier of $102 and a possible trading window around the $107 price point.
Technical Assessment
Indicators now reflect a decline in purchasing strength as trade volume falls. The Relative Strength Index, which peaked just below the 60 level and shows that the bulls are still in charge of the cryptocurrency, is still quite important. Due to purchasing momentum, LTC has also crossed over the 20-Simple Moving Average line. A decline in demand, however, might cause the currency to fall below the 20-SMA line. LTC is now bullish since it is trading above both the 50-SMA and 200-SMA lines.
The +DI line is above the -DI line, and the Directional Movement Index is still in the green, indicating bullish price activity. The Average Directional Index has risen over 40, signaling a strong upward price trend and the possibility that Litecoin may surpass the $107 mark.