Litecoin (LTC) is making a strong comeback with a bullish reversal, paving the way for a potential move towards the $76.85 target. After bouncing off a critical support level, Litecoin has regained its bullish momentum, indicating renewed optimism among market traders. Key technical indicators are now pointing to further gains, with $76.85 emerging as the next important resistance level.
As the market responds to this bullish shift, this article will discuss the bullish reversal in Litecoin and evaluate the significance of the $76.85 target and its implications for future price action.
Litecoin is up 2%, trading at around $65.37 in the last 24 hours. Its market cap has surpassed $4.8 billion, with trading volume exceeding $410 million at the time of writing. Litecoin’s market cap has also grown by 2%, while its trading volume has increased by 42.12%.
Litecoin Bullish Reversal Analysis to $76.85
Litecoin price on the 4-hours chart is bullish, having crossed above the 100-day simple moving average (SMA) as it approaches the $76.85 level. The digital asset has seen a significant price increase since bouncing off the $50 support level, indicating a strong uptick in positive momentum that could push for further gains.
In addition, the 4-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 50% and is currently trending around 63%, indicating that bulls are still in control and could push the price higher.
On the daily chart, although Litecoin is still trading below the 100-day SMA, it is showing positive resilience, steadily advancing towards the 100-day SMA and the $76.85 level, with multiple bullish momentum candles forming. This indicates an active bullish momentum for the cryptocurrency.
Finally, on the 1-day chart, the RSI is indicating an increasing positive momentum for the cryptocurrency. The RSI signal line has moved out of the overbought zone and is currently trying to move above 50%.
Conclusion: Is Litecoin Poised to Break Above $76.85?
Recent trades suggest that Litecoin, with its strong bullish momentum, could reach the $76.85 level. If the cryptocurrency reaches and breaks this resistance, it could lead to further positive moves towards the next resistance level at $89.74. If this level is broken, it could lead to further price increases towards the $105.9 resistance level and beyond.
Conversely, if the bearish pressure continues and Litecoin fails to break the $76.85 resistance level, the price could decline towards the $57.41 support level. A drop below this level could lead to a further decline to test the $50 support level, with an additional downside move possible if this range is broken.
Comments are closed, but trackbacks and pingbacks are open.