Key Insights
- Litecoin was nearing the resistance zone of $140.
- LTC price has surpassed the 20-day EMA.
- The 24-hour trading volume has increased by 74% to $1.92 Billion.
After a bullish rally, Litecoin (LTC) price has been struggling in a parallel channel. The price has departed from the support zone of $95 and nearing the resistance zone of $140.
Amid this bullish move, the LTC price has surpassed the 20-day EMA which indicates buyers’ strength. In the past two days, the price has surged by 20% and formed two strong marubozu candlesticks.
Since December, the Litecoin price has received strong price rejection from the $140 territory. Sellers have dominated three times but the price was approaching this zone again.
Can LTC Price Claim a Bullish Rally Soon?
@investing0731 is a crypto analyst who suggests that the LTC price has formed a strong bullish chart in crypto. The price has displayed a bullish forecast on the two different time frames. In a 3-M time frame, the price formed a symmetrical triangle pattern and triggered a breakout.
After the breakout, the price witnessed a mild fall but the momentum is bullish. Based on the technical chart, the price might outperform after this retest.
In a 6-H time frame, the price has formed a symmetrical triangle pattern after a decent bullish rally. Furthermore, the price has triggered a breakout from the triangle and a bullish momentum can be anticipated. It might remain bullish for a longer time if the cryptocurrency market remains bullish or neutral.
Could LTC Price Hit $200 Mark Post Breaching the $140 Mark?
When writing, Litecoin crypto was trading at $127.52 which has surged by 6.80% over the past 24 hours. The market capitalization was around $9.63 Billion and the 24-hour trading volume was $1.92 Billion.
Based on the technical chart, the price has departed from the support zone and is nearing the resistance zone of $140. The current market sentiment is bullish so the breakout probability increases.
Suppose the price triggers a breakout from the resistance zone of $140, it could be a bullish signal. Once the price is sustained over the $140 zone, strong buying momentum can be anticipated.
Bitcoin is the leading coin that has gained bullish momentum in the support zone. If it triggers a bullish momentum, it might leave a bullish impact on the altcoins.
After a successful breakout, the LTC price is expected to reach the $200 mark in the next few weeks. RSI has triggered a golden crossover with the RSI-based moving average which showcases the bullish forecast.
Alternatively, if the price faces resistance from the resistance territory of $140, sellers may dominate ahead.
If the Litecoin price forms any bearish candlestick in this zone, sellers may drag down the price to the support zone of $95.
Litecoin Price Overview on Higher Time Frame
Litecoin price appears to be at a critical juncture as it approaches the resistance zone of $140. With recent bullish momentum, marked by a significant increase in trading volume and the formation of strong bullish candlesticks, the potential for a breakout is promising.
If LTC successfully breaches the $140 mark and maintains a position above this level, it could signal the start of a robust upward rally, possibly reaching the $200 target in the coming weeks.
However, caution is warranted; if sellers regain control at the resistance level, the price could revert to the support zone around $95.
Investors should closely monitor market trends and the behavior of key technical indicators to navigate this volatile landscape effectively.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
