Litecoin Eyes $136 Breakout After Retesting $125—Time to Ride the LTC Wave?
Litecoin bulls are back in the driver's seat as LTC punches through $125—again. The crypto's playing chicken with resistance, and traders are betting it won't blink first.
Breaking the $136 ceiling could trigger a liquidity grab. Fail? Expect sweaty-palmed holders to start 'HODLing' like it's 2021.
Fun fact: Wall Street still calls this 'speculative' while quietly stacking bags. Some things never change.
Will LTC Price Rise Back Up?
The price of Litecoin has been impressive over the past few months. Notably, the asset is currently listed at $122.47 with a 24-hour high of $129.16. The breakout is helped by a significant increase in trading volume, suggesting that the bulls are hitting the market hard on accumulation.
After recording a high of around the $130 mark during March, the LTC crypto experienced a major correction, resulting in it crashing to a low of $66. Following this, the altcoin ranged between $80 and $100 for the next 4 months. As the Litecoin project displayed increased adoption, so did the price finally breach its key support (then resistance) of $104.
Since then, it has been hovering between $104 & $125, making its key resistance at $130, followed by a major psychological resistance barrier at $136. Another fact to mark is that the $136 had been tested a number of times previously, making it historically important.
The Relative Strength Index (RSI) is now at 70.28, indicating that the LTC token is in the overbought zone. Although this generally is a sign of caution, it also shows healthy bullish momentum in terms of volume. As long as this indicator does not portray sharp corrections, the momentum might support new advances.
Moreover, the Moving Average Convergence Divergence (MACD) has a bullish crossover with the MACD line (4.83) converging above the signal line (4.66). Though the histogram is neutral, the turning towards the future leads to the idea of the further increasing positive trend.
Considering the present market sentiments, the Litecoin Price appears set to threaten between the $130 and $136 resistance zones. But to last more than a move above $136, the LTC coin price has to sustain volume.
Furthermore, Litecoin cannot plunge toward the $116 mark, or the bullish WOULD lose momentum and may retest its lower support of $107 or even $104.
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The Crypto Times does not endorse or promote this crypto asset in any manner and this article was written only for educational purposes. Make sure to “DYOR” before investing into any cryptocurrency as the market is highly volatile.
