Litecoin price is now beyond major resistances and off to new highs for the day. The LTC/USD pair is set to break new barriers to target the $94 annual high. LTC is supported by an overall bullish tone in the crypto market that has seen many altcoins reach close to their yearly highs. The recovery in BTC is now reflecting in the altcoin realm.
The bullish divergence in the LTC/USD charts is now helping the pair cross significant Fibonacci retracement levels after the correction. The daily charts were already in bullish mode. Now, the pair is retreating into bull territory on the hourly charts too. The higher lows have given way to higher highs reflecting the upwards trajectory of the pair.
The double bottom near the $65 region is now the lower support as the pair has bounced well above these pivot points. In the last 24 hours, the price has recovered from $70 lows and broke out from Bollinger Bands to touch a high of $88.50. The technical indicators are lining up for a further upward move in the next 24 hours.
Today, the price has broken past key barriers at $76 and $85. The price action was built upon substantial volume amid heavy buying. The bullish divergence of RSI and price saw the pair print fresh new highs on the hourly charts. It seems the recent correction that began on November 26 is over, and another round of bullish Litecoin price prediction scenario is unfolding.
The jump from $65 well meets the 50 percent retracement scenario. The pair’s bounce also bought RSI and MACD at elevated levels. However, the current RSI reading of 72 still has some room on the large hourly timeframes. In an overextended bull run, the initial overbought readings can go on late into the uptrend.
It is worth remembering that overbought indicators remained at elevated levels even during the recent euphoric run from $45 to $94. So, this could be the start of another extended bull run that can see the pair touch fresh new highs. A minor correction on the hourly charts can bring the pair towards $76 support and help strengthen positive Litecoin price prediction.
The bullish Litecoin price prediction is now well confirmed on the 4-hour chart by the price action’s upward trajectory. The price is hovering around the upper channel of the Bollinger Band after breaking out. The ascending price channel has also taken the 9-day EMA and SMA along with it.
The 38.2 percent and 50 percent retracement levels are now overtaken. The support at $76 has provided remarkable support. However, the price is encountering resistance at $85 threatening bullish Litecoin price prediction. After breaking out of the Bollinger Bands, LTC/USD pair has been rejected from $87 high, meaning a minor correction can be in the store.
Bulls will have to maintain fierce momentum to break past $90 as sellers are likely to emerge here. The wave-like uptrend in the broader crypto market is expected to help maintain the buying spree. The current trend on the hourly charts runs into the overbought territory as RSI hits the 72 mark. However, the rising MACD is still way off the highs.
The price is engulfed in an ascending channel that is helping the upward Litecoin price prediction. The sellers are likely to emerge post $90, where the pair may stall to absorb the selling pressure. Once traders reap quick profits, the long-term daily bullish Litecoin price prediction is set to resume.
The LTC/USD faced severe selling pressure at $72, which is handled pretty well. The bulls maintained the buying momentum helping the pair tide over the short-term hourly selling pressure. The overstretched Bollinger Bands are now contracting and containing the price within the $70 to $98 range. The volatility in the market is now toned down, and bulls are consolidating the gains.
As the Bollinger Bands contract further, the push-pull in the market will rise. Lately, the bulls have been able to convert consolidation into accumulation opportunities. Whether or not the current zig-zag will culminate into a buying phase remains to be seen. As of now, the technical and fundamental factors are supporting a bullish Litecoin price prediction.
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.
This post was last modified on January 7, 2021 10:33 am
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