Litecoin’s price shows strength as price bounces off from a weekly low of $50 to trend higher, giving bulls some relief.
Litecoin’s price continues to look strong as bearish sentiment for the market lingers, with things looking uncertain for most traders and investors.
Litecoin’s price rallies high on the daily timeframe as the price moves towards $90 above the 50 and 200 Exponential Moving Averages (EMA)
Litecoin (LTC) price has held strong above $60, showing good bullish signs of rallying to a high of $90-$100 if the market conditions remain favorable for prices. With many looking for a major dump in Bitcoin (BTC) price, the price of Bitcoin (BTC) bounced from $15,500 as price rallied to a high of $16,500, leaving bears on the sidelines as the price of Litecoin (LTC) gains more momentum to rally.
The price action displayed by Litecoin (LTC) in recent times has been encouraging compared to many altcoins battling for survival. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks. (Data from Binance)
Litecoin (LTC) Price Analysis On The Weekly Chart
The past few days haven’t been the best of times for most crypto traders and investors, with many becoming worried as to where the market could be headed after so much turbulence in the crypto space as many altcoins have struggled to show strength, losing their key support in a bid to survive.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
The price of LTC has been a standout performer of the market as prices continue to show immersed strength holding up well above $60 despite the persistent FUD (fear of uncertainty and doubt). LTC saw its price traded in a region of $60 on the weekly chart, but the price bounced from this region to a rally high of $80, showing some great strength.
The price of LTC faced resistance to trade higher to a region of $90-$100. LTC price needs to break above $80 for more signs of a rally.
Weekly resistance for the price of LTC – $80.
Weekly support for the price of LTC – $60.
Price Analysis Of LTC On The Daily (1D) Chart
Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com
The price of LTC remains considerably strong in the daily timeframe as the price trades above $70 support after breaking up nicely from its daily range movement showing some great price action to trend higher to a region of $80.
If the price of LTC breaks and holds above $80, we could see more rallies for the LTC price to a region of $90-$100; a break below a region of $70 would send the price back to a region of $60.
Daily resistance for the LTC price – $80.
Daily support for the LTC price – $75-$70.
Featured Image From zipmex, Charts From Tradingview