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.
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.
Source - Tradingview
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.
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.