LTC has been doing quite well for itself – As discussed in previous articles, the LTC price has risen from $141.98 to $155 (closing price as of February 5, 2021). The price has surged by approx. 9% since February 2, 2021. The LTC price retraced before a price upswing again.
Why LTC Has Been Rising
In the past week, the LTC price has been continually rising. The opening price on February 6, 2021, was $154.85. As of February 13, 2021, the closing price of LTC was $196.69. In short, the price has increased by approx. 27% in the past week.
In the last 24 hours, LTC has traded in the price range of $179.12-$209.30.
Technical Indicators for the Day-Ahead and Tomorrow
Currently, LTC is trading at $207.98. The price has surged by approx. 6% from the opening price of $196.71. The price is trading above the EMA and SMA lines. Thus, the market looks bullish.
The A/D and OBV indicators are rising. Thus, accumulations are more than distributions. Buying pressures will cause the price to move further upwards.
The AO indicator is positive too. It is showing strong ‘buy’ signals. Thus, the market momentum is bullish. The rise in the ADX line indicates that the price uptrend is strong enough to sustain for some time.
The MACD and signal lines are positive. A bullish crossover by the MACD line over the signal line indicates a healthy market. The price will continue upswing.
The RSI indicator is at 62%. It just touched the 70% mark a few minutes back. Thus, buying volumes are high. Increasing demand for LTC will push its price further upwards. This is also a good time for swing traders to go short.
The Stochastic oscillator’s actual value line as well as the 3-day SMA line just treaded above 80%. This implies that the crypto is being overbought. It has started to fall now giving strong ‘sell’ signals to swing traders. However, buying pressures continue to remain high. A bullish crossover by the actual value-line over the 3-day SMA line is a strong indication of an uptrend.
As per the LTC fractal, time is running out to buy LTC at low prices implying that the price is fast rising. All the indicators have pointed towards a bullish price trend. Intermittent price pullbacks may occur but a price downtick is not on the horizon.
Presently, the LTC price is above the first Fibonacci pivot resistance level of $206.56. We can expect the price to break out of the second Fibonacci pivot resistance level of $213.69 by the end of the day.
If the price closes above the 23.6% FIB extension level of $216.42, then the price upswing will continue tomorrow too.