As the crypto market continues its upward course, Litecoin is not far behind and is starting to show significant gains, which seem to be starting a big upward movement. If you are interested in knowing the possible near future of LTC’s price, stay tuned and check this post.
Litecoin Technical Analysis: A Major Rally is Starting
Ranked number 7 among the largest cryptosystems by market capitalization, Litecoin has been alive for 9 years, and has achieved an ROI of 1397% throughout its history.
Thanks to this return on investment, we can quickly identify that the long-term trend has remained upward.
However, during the last 3 years this direction has been quite touched, with a sharp drop that made the price fall more than 90%.
Although there is no doubt that it has been a strong fall, this behavior can be catalogued as a reversal of the previous trend, and it seems that it has already ended.
After reaching a support zone near the $25 level in March, Litecoin left a strong bearish rejection. And after an important recovery, last July closed a bullish candlestick, which is considered a strong positive sign. Adding upward probabilities and indicating that a new momentum is beginning, which would take the price to a new all-time high.
The present moment is decisive, and will define whether LTC is ready to start a big bullish run. Or else it will enter again a downward triangle in which it has been locked for the last few years.
Just the price is facing the immediate monthly resistance Corona Millionaire located at $68, while visiting the trend line that encloses the triangle, and the 18-month SMA that is still bearish.
No doubt a very tense moment, and the odds are in favor of a bullish escape.
Litecoin’s native Visa debit card launched
Weekly chart LTC USD
In this time frame we observe the medium-term trend, quickly identified with the 8-week EMA and 18-week SMA moving averages crossing upwards.
The 200-week SMA was just reached and rejected in recent hours. If it is broken it will mean an excellent bullish signal, converging with the break of the downward trend line.
At the moment the odds are in favor of buyers, which would take the Litecoin price up to at least $80. This is if we only consider the visible resistance levels in the weekly time frame.