Litecoin Price signals a bullish momentum

Litecoin Price signals a bullish momentum

Litecoin bulls intensify their grip in the market; all eyes set on $80 short-term resistance and $100 ultimate resistance.
Technically, the short-term analysis signals a bullish momentum.
If Litecoin LTC continues with the current price action within the ascending channel, achieving $100 in the following week is almost a guarantee. At press time, LTC/USD pair is trading above the moving averages. Which suggests that buying influence is gaining traction. Moreover, the 50 (SMA) 1-hour has crossed above the 100 SMA 1-hour to show buyers have the upper hand. "Litecoin Price signals a bullish momentum"

Litecoin Price signals a bullish momentum

Technically, the short-term analysis signals a bearish momentum. The MACD is heading is still holding ground in the positive area. However, the negative pattern divergence points towards increasing selling activity.

On the upside momentum, the 21 Exponential Moving Average (EMA) is standing in the way of upward correction at $74.63. If the traders manage to clear the resistance, there is a higher chance that LTC will trend towards $80 in this weekend session.

The immediate support level is seen at $74 (moving average double-cross). In the event, a reversal occurs and the channel support is broken, bulls can anticipate support at $73, and $70 respectively.

Litecoin has shown four major price swings, and it even touched 75.94 USD yesterday for a while, but it could not maintain the price there.

It has been quite a few days ago, Litecoin LTC is trading around $75 mark. It should be noted that the highest peak of Litecoin price from the beginning of the year is beyond $140. As of now, the next resistance level and support levels for the coin may come at 76 USD.

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