- Litecoin continues from strength to strength after breaking $180 barrier
- With small correction expected, the new support levels could be above $175
- A successful close above $180 would represent significant progress towards the year-end goal of $200
Litecoin price analysis shows more greens in an eventful period for the token. After setting support levels around $162 earlier in the week, LTC has gone from strength to strength in breaking the $180-mark over the last 24 hours. The altcoin continues to trade higher than its 3 key support zones and is set for a more significant climb towards the coveted $190 figure.
The cryptocurrency market was back to its bullish best yesterday, after Bitcoin rolled up near 2 percent to move above its 2-month high of $49,500. Ethereum also continued to perform well with a 0.75 percent daily increase to close just below $3,300, while Altcoins displayed mixed behavior with Cardano (ADA) and Ripple (XRP) going down approx. 2 percent each. Dogecoin (DOGE) and Solana (SOL) also depreciated, whereas Polkadot (DOT) went up by 4.5 percent and Litecoin by 0.6 percent.
LTC/USD 24-hour chart: Bullish run to be countered by small correction?
The 24-hour chart suggests some selling activity is on the cards after a bullish run propelling Litecoin back above $180 for the first time since August 13. The current 24-hour pattern shows that sellers are active on the LTC/USD pair. This trend is expected to form some correction in LTC price, floating just above the expected support level at $175.
The 24-hour RSI stands just within the overvalued region as well, which suggests it is not the best time to trade LTC. However, the main target for bulls is to keep the price above a 200-day SMA of $190, which currently well in place. In the current trend, the coin is being traded on a daily range for as low as $178.
LTC/USD 4-hour chart: LTC showing strength to beat seller concentration
The 4-hour price analysis chart for Litecoin shows a tight battle between sellers and buyers just below the $180-mark, with concentration beaten over the last 2 4-hour candlesticks as buyers propelled price upward.
The 4-hour pattern also shows a consolidation being formed above the $180 mark over the short-term. It seems that a concentration is formed in this zone and price is driven nor up neither significantly downward. As soon as a breakout happens from here, the next trend shall be formed.
A successful close above these levels will present an early ascend towards the $200 mark, previously set for the end of the year. On the contrary, a failed breakout could see a reversal move back down to settle below the current support around $175.
Litecoin price analysis: Conclusion
There is a lot to be excited about Litecoin, as seen with the bullish run throughout the week. The coin has broken multiple barriers to set new support levels and the trend looks set to continue over the weekend.
The RSI forms a double top, favoring the bulls and even with the expected short-term correction on the cards, the token should continue its hike towards $190 as long as the overall cryptocurrency market remains bullish. The new resistance level for LTC is yet to be form and it remains to be seen where further upside is prevented.
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