Litecoin has demonstrated a constantly constructive development in latest weeks, reflecting a robust market sentiment. Because the broader market has gained energy in latest buying and selling periods, Litecoin has managed to maintain its beneficial properties. The worth of Bitcoin has surpassed $31,000 at current, leading to an upward motion for different altcoins as properly.
Whereas Litecoin has not skilled important modifications previously 24 hours, it has maintained a constructive trajectory. On a weekly chart, nevertheless, the altcoin has surged by over 20%. This exceptional restoration started in June when Litecoin broke by the $70 value mark, and since then, the coin has gained greater than 50%.
From a technical outlook, the Litecoin outlook aligns with the bullish sentiment. Each demand and accumulation indicators on the chart have remained excessive, suggesting the potential for additional beneficial properties. Nevertheless, there is a crucial resistance to contemplate.
Within the upcoming days, Litecoin is predicted to expertise a surge attributable to its halving occasion scheduled for third August 2023. Moreover, the market capitalization of Litecoin has additionally improved, indicating a rise in demand for the cryptocurrency.
Litecoin Worth Evaluation: One-Day Chart
On the time of writing, LTC was priced at $106. Though the altcoin is beneath its resistance degree of $108, this specific degree isn’t the principle impediment.
The essential problem for Litecoin lies in gaining enough energy to surpass the $115 resistance, a degree at which the coin has traditionally confronted rejection.
In April of the earlier 12 months, Litecoin approached this degree however couldn’t maintain buying and selling above it for the rest of the 12 months.
Conversely, if Litecoin fails to interrupt by the $115 resistance, it may expertise a decline towards the $103 assist degree. Additional downward motion from this level would carry LTC beneath the $100 mark, indicating a whole invalidation of the bullish intent.
Technical Evaluation
The worth surge from the $90 degree in Litecoin has considerably bolstered investor confidence. The Relative Power Index (RSI) indicator reached the overvalued zone, indicating elevated shopping for exercise.
Though it retraced barely from the overbought territory, it remained above the 60-mark, indicating sustained shopping for energy out there.
Moreover, the LTC value motion was supported as a result of it remained above the 20-Easy Transferring Common (SMA) line. This implies that consumers have assumed market management and are driving the value momentum.
The Transferring Common Convergence Divergence (MACD) indicator shaped tall inexperienced histograms, indicating favorable purchase alerts for LTC. This implies the potential for continued bullishness out there.
Moreover, the Bollinger Bands on the chart have been vast open, indicating elevated value volatility. The higher band coincided with one of many resistance ranges at $108.
This implies that LTC will doubtless encounter value fluctuations and will face a barrier on the talked about resistance degree. The following buying and selling periods stay essential for the altcoin.
Featured picture from UnSplash, charts from TradingView.com