Litecoin price analysis: LTC boosts up to $166.69, could it reach $200?

Shiba Inu price analysis

TL;DR Breakdown

  • Litecoin price shot above $160 in a late surge on the day
  • Price rose as high as $166.69 with trading volume upping by 16 percent
  • LTC could be in line to target the $200 psychological mark

Litecoin price analysis for the day shows the token engaging in a late surge to take price above the $160 resistance. Rising over 5 percent on the day, LTC price went up to $166.69 with trading volume rising by 15 percent. Previously, Litecoin had been stuck within a narrow horizontal channel of $141.28 and $157.64, setting up a continuous bearish outlook. With the current upturn, it could be expected that price may conjure up a challenge for the $200-mark over the holiday period. For this to happen, momentum would have to be carried over the current $175 resistance point.

The larger cryptocurrency market showed significant greens to replicate Litecoin’s movement, as Bitcoin led the charge with a 5 percent increment. Ethereum also consolidated above the $4,000 mark with a 3 percent rise as major Altcoins showed bigger profits. Cardano rose more than 6 percent to take price past $1.43. LUNA continues its surge, rising 13 percent on the day to cross the crucial $100 mark, whereas Dogecoin, Polkadot and Solana recored approximately 4 percent increments each.

Litecoin price analysis: LTC boosts up to $166.69, could it reach $200? 1
Litecoin price analysis: Cryptocurrency heat map. Source: Coin360

LTC/USD 24-hour chart: Price moves above 50-day EMA in latest surge

On the 24-hour chart for Litecoin price analysis, price can be seen making a late surge past its crucial 50-day Exponential Moving Average (EMA) at $157.49. The move represents a bullish turnaround, with an increasing Relative Strength Index (RSI) value of around 50 to suggest a healthy market valuation. With the move, price has also moved into the top half of the Bollinger bands’ curves, further consolidating the trend reversal.

Litecoin price analysis: LTC boosts up to $166.69, could it reach $200? 2
Litecoin price analysis: 24-hour chart. Source: Trading View

LTC/USD 4-hour chart: Consistent hold above $160 key for LTC

The 4-hour chart for the LTC/USD trade pair shows that Litecoin price needs to hold up above the $160 mark for the late surge to justify a significant move for the price. Price currently sits at $163.09, having fallen slightly from earlier levels. However, the 4-hour EMA sits at $160.9 and with an RSI of 64.31 it is likely that price will continue upwards over the next short-term trade sessions.

Litecoin price analysis: LTC boosts up to $166.69, could it reach $200? 3
Litecoin price analysis: 4-hour chart. Source: Trading View

Litecoin price analysis: Conclusion

Litecoin price conjured a late surge upwards past the $160 resistance overnight, and looks likely to test the $175 resistance if price can hold above $160.9 over the coming trade. Majority technical indicators show a healthy market valuation and a strong upturn on the cards for LTC, but having been in a precarious position over the past weeks, any movement below $157 may put the token back in the narrow horizontal zone with expected price stagnancy.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

Tezos Price Prediction 2023-2031: Is XTZ Price Going Up?
Dogelon Mars Price Prediction 2023-2031: Is ELON a Good Investment?
Cardano price analysis: ADA falls with lowly bearish target of $0.23
Binance Coin price analysis: BNB/USD might retest the $281 support in the next 24 hours
Grayscale Investments slammed with a lawsuit as GBTC plunges

Follow Us

Industry News

Grayscale Investments slammed with a lawsuit as GBTC plunges
Taylor Swift's $100M partnership with troubled FTX ended prematurely: Reports
Iran plans to freeze bank accounts for women without hijab
Revealed: the top-5 token Holdings of Alameda
Warner Music Group seals deal with Polygon to release music NFTs

Add Your Heading Text Here