LTC Technical Analysis: Price Ready to Rise Above $200

Vikram  |  Oct 8, 2021

LTC coin price is under tremendous buying pressure as it reverses from the support trend line. It may soon rise above the $200 mark.

Litecoin (LTC), sometimes described as "Bitcoin lite," is a digital asset that is designed to enable the instant peer-to-peer exchange of value at affordable rates. Litecoin is one of the most veteran crypto projects out there and still has a large active community.

Let us now look at the past performance of LTC cryptocurrency.

Past Performance of LTC

LTC coin price is under an uptrend in the daily chart after the V-shaped recovery. The coin price found support near the $140 mark. Furthermore, the LTC cryptocurrency has increased more than 20% within the last two weeks.

TradingView Chart

Source - Tradingview

LTC Technical Analysis

TradingView Chart

Source - Tradingview

LTC crypto is currently at $178 as of writing this article. Moreover, it has seen a rise of 0.20% within 24 hours. Thus, indicating a sideways movement. Furthermore, the rise in intraday trading volume by 0.39% indicates a slight rise in the number of buyers. 

Litecoin price trades near the support trend line in the weekly timeframe. This can shortly result in a bullish jump as the price reverses near the trend line. Furthermore, the coin price is under extreme buying pressure, as evidenced by the more than 20% price jump within the last two weeks.

The LTC coin price may find support at the $160 or $140 mark as per the price action. Moreover, in the event of a bullish breakout, the resistance near $200 and $230 can push the price downwards.

MACD and signal lines on the daily chart head higher above the zero level in a bullish alignment due to the recent bullish crossover. Moreover, the increasing intensity of the bullish histogram indicates a buy signal. 

The slope of the RSI indicator is slightly above the daily charts' central line. Furthermore, the slope is rising higher. Thus, the RSI indicator signals a buy sign.

Upcoming Trend

As per the Litecoin technical analysis, the overall view looks bullish for LTC as it makes a bullish reversal from the support trend line in the weekly chart. However, in the daily chart, the price action is sideways. Nonetheless, the technical indicators generate a strong buy signal.

Related News