According to the Litecoin price analysis, the bulls have reclaimed control. Bulls have gained control of the market last week. As a result of the current increase, prices have risen to a high of $83.07. If the bulls remain strong, the LTC/USD value is projected to rise more in the coming days.
Like bitcoin, Litecoin is quickly approaching $85 per dollar. LTC's price may continue to grow if it remains much higher than $80 for a long period of time. In recent trading sessions, Bitcoin, Ethereum, Ripple, and Litecoin have all made gains against the US dollar.
Pricing was able to exceed $62 and $66. The price rose beyond the 23.6% Fib retracement level of the decline from the swing high of $85.00 to the low of $61.04. The price has even increased over $68 and $70.
The price broke through the $73 and $75 resistance levels, as well as the 200 hourly simple moving average. After successfully breaching the $78 threshold, the price consolidated at $78 for a few days before rising to near $83.00.
On the hourly chart of the LTC/USD pair, a bullish flag pattern has formed. If the price maintains over $80 for a long period of time, it is likely to rise to around the $85 level. Recent market activity indicates the beginning of a rising trend. Despite a previous bullish sentiment-driven rally, current price action suggests that Bull has recaptured market control.
On the upside, an immediate resistance level is approaching $85.00. The first major barrier is $88.00. The big obstacle is around $91.00. If the price rises above $91.00, it may begin to climb dramatically. The price is likely to grow even more in this situation, reaching $92.00 to $95.00. Any further rises might push the ltc price close to the $100.00 mark.
If the Litecoin price does not break past the $85.00 barrier level, a downward correction is likely. On the downside, early support is at $80, which is near the 78.60% Fib retracement level of the upward move from the swing low of $61.04 to the high of $85.00. The main support is around $75.00. If the price falls further, it may hit the $70 support level in the following sessions.
According to Price Analysis, the LTC's market capitalization is $5,962,038,367. The coin's 24-hour trading volume is around $692,048,152. The market cap of LTC has increased by 8.72%. However, transaction volume increased by 118.65% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $85.00-$90.00
SUPPORT LEVEL : $80.00-$75.00
Bulls are chasing the pattern's target after shattering the Inverted Head and Shoulder pattern. Will the Bulls be able to overcome the $85 roadblock? Please leave your comments in the box below.