- Litecoin price currently at $121.66
- LTC observes sharp bullish movement across short and mid-term charts
- Indicators suggest correction but momentum remains strongly bullish.
- Price expected to continue in current trajectory moving towards the $150.00 mark
Litecoin (LTC) price has finally crossed above the $100 mark, a level the asset has not seen since August 2019. The bullish momentum continues today with the price crossing above the $110.00 level early in the day and currently trades upwards of $120.00.
The broader cryptocurrency market also observes bullish momentum as Bitcoin touches the $24,000 level while Ethereum climbs above $660. Most major altcoins are also seeing bullish movement with some assets recording double-digit percentage increases in their prices.
Litecoin price across the 1-day frames
Across the daily frames, we can observe that Litecoin price has maintained a support level at the $70.00 price level for the last thirty days, The support level enabled LTC to maintain a foothold despite facing high bearish pressure at the price level. The bulls have defended thrice with the third time initiating a bullish reversal for the price action.
Across December, the price action records high bullish movement with the net increase being around 40 percent from the month’s opening price. While the price initially consolidated below the $90 level, the buyers continued to defend the $70 support level and the bearish pressure eventually subsided.
Subsequently, LTC saw significant bullish activity in the latter part of the month as the price rose from $81.40 to the current highs of over $120.
Across the technical indicators, the MACD shows increasing bullish momentum as the size of the green candlesticks keeps increasing. Similarly, the EMAs continue to show divergence spreading further apart.
However, the RSI disagrees and moves around 77.00, suggesting that LTC needs a healthy correction. However, the indicator does not issue a strong sell signal yet.
Similarly, Litecoin price is currently trading above the upper limit of the Bollinger Bands, which might indicate a correction. However, the Bollinger Bands are currently expanding further creating room to facilitate the upwards movement of the LTC price.
If LTC closes the day above $118.50, Litecoin price may be expected to see further bullish momentum raising it towards the $150.00 mark. Currently, the price is expected to face resistance near the $125 level.
Litecoin price across the 1-hour charts
Across the hourly frames, we can observe that Litecoin price is currently moving in full swing with strong bullish momentum marking the charts across the short-term frames.
The graph shows that LTC faced resistance in crossing above the $110 level as the price remained consolidated below the level for around 36 hours before breaking above. Following the breakthrough, LTC price sailed smoothly until reaching the $120.00 resistance level, which was breached easily. However, whether LTC can maintain a foothold above the $120.00 mark is uncertain.
Currently, the Bollinger Bands show high width suggesting that LTC might observe a decrease in volatility. Meanwhile, the RSI suggests that the asset is overbought, and the price action needs a healthy correction. However, the MACD shows increasing bullish momentum as the two EMAs diverge further.
Traders should expect Litecoin price to observe sideways movement at the $120.00 level. If buyers continue to defend the mid-term support level at $118.50, the price can be expected to rise to $130. However, if the support level is breached price can be expected to return to the $110 support level.