Bulls focus on $413 ATH mark, following $100-support


  • After taking support on $100-psychological round level, Litecoin price breached the sloping trendline and trading above it.
  • At the time, bulls are approaching the 50-day moving average as a bullish hurdle, and 100 or 200 MAs remains to retest.
  • LTC/BTC pair seems to be bullish by 1.09% at 0.002960 satoshis.

Source-LTC/USDT by tradingview

The cryptocurrency market has experienced significant negative fluctuation in the initial third week of January, causing the litecoin price to fall to the annual support level of $104. Lower price rejection candles, on the other hand, clearly show bears rushing to the lower support. Then to till now, litecoin has gained around 33% of cost and seems bullish.

At the time of writing, the Litecoin investors are celebrating the intraday gain of 4.25% at $129.9 after breaching the descending trendline (white), which was valid from mid-November. Recently, the coin has bounced back from the $120 level; for the short-term view, $120-level acts as a support, and the resistance sits at the $150-mark.

The coin is trading just above the half-line of the bollinger bands indicator, and price is moving towards the upper level of the indicator. However, the LTC coin has gained 4.2% of trading volume over the past 24-hours session. The volume to market capitalization ratio is 0.08526. For the past 5-days, the daily volume bars are below the 20-MA line (blue), and the volume oscillator indicator reflects the low volatility indication.

For LTC holders, $100 acts as a crucial support level

Source-LTC/BTC by tradingview

The LTC/BTC pair price is trading into a descending triangle pattern in terms of the daily price chart, and now the pair price is trading just above the crucial level of 0.002800 satoshis. At the time of writing, the pair price is training in the green zone by 1.26% at 0.002966 satoshis. Traders may see a sharp bullish momentum above the triangle pattern. Moreover, the pair price is still maintaining the value in the red zone of the supertrend indicator. 

Source-LTC/USDT by tradingview

Because of the low volatility, bears failed to break down the 20-day moving average, and again, the LTC crypto price recovered. At the time, coin price is retesting the 50-MA as a bullish hurdle in terms of the daily price chart. However, 100 and 200 MAs are far above the current price.

The daily RSI has remained above the half-level (50-mark) since the breakout. After rejection near the 50-mark by the bulls, the RSI is again turning towards the overbought zone. Moreover, the average directional index continues downwards, showing weak bullish momentum.

Conclusion 

Bulls are trying to push the LTC price above the 50-day moving average, if bulls succeed to close the daily price candle above 50-MA, we could see solid bullish momentum till $150.

Support level – $100 and $70

Resistance level – $150 and $200

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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