Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. Litecoin was founded by Charlie Lee, an early cryptocurrency adopter and a name held in high regard in the cryptocurrency industry.
Let us look at the technical analysis of LTC.
The LTC price increased 30.98% across the week, from November 3-9, 2021. Moreover, the last few days witnessed the beginning of the current uptrend, and it closed yesterday at $262.91. Whereas in the last 24 hours, the LTC price has fluctuated between $242.60-$274.28.
The price chart took crucial support at $196.8 to start the current uptrend. Higher highs and higher lows can be seen over the last few days. Even today, the bulls are dominating the market as the current trading price is $269, which is about 2.6% up from yesterday’s close.
The OBV is showing that the buying pressure is dominating the selling pressure. This is a positive signal and the LTC traders may take a long position.
The RSI is currently at 78.52% and has significantly entered the overbought region. Due to this, a trend reversal may be seen.
Being a lagging indicator, MACD is confirming the uptrend of the LTC price chart. This can be inferred from the bullish crossover in the graph.
Thus, the indicators are giving bullish signals, except the RSI. However, the RSI’s entry in the overbought region can also be seen as a signal for the increasing strength of the bulls. The LTC traders can keep a target at $300 while being cautious if the price drops below $250.
As the price has increased rapidly over a course of a few days, it has crossed all the current Fib levels.