LTC worth might hit $85 if bulls repeat the +15% rally managed previously 24 hours
Litecoin (LTC) has hit a brand new 12 months so far excessive of $75.92, though it’s barely decrease as of writing.
However the intraday excessive is its highest worth stage since early March.
Whereas Bitcoin attracts consideration because it approaches $17,000, Litecoin has nearly outperformed all main altcoins within the high ten slots by market cap.
LTC is at present up by greater than 15% previously 24 hours and greater than 25% up within the final seven days.
If bulls can grasp one other leap to take LTC past a long run resistance line close to $80.00, the coveted $100 wouldn’t be too far.
On the time of writing, LTC/USD is buying and selling round $73.50. As might be seen within the chart beneath, the $70.00 stage is essential to the bulls. Quite the opposite, the brief time period technical outlook suggests bears might try and capitalise on profit-booking to push worth decrease.
LTC/USD day by day chart
The LTC/USD pair has retreated from its intraday highs, however the day by day chart suggests bulls nonetheless maintain the benefit. As per the chart, the primary goal, for now, is to maintain costs above $70.00.
In case this fails, bulls could have a transparent path again up in the event that they keep away from injury to the day by day pivot round $66.76.
Nonetheless, they’ll must regroup shortly after the anticipated pullback. Right here, a contemporary assault in direction of the psychological $80.00 might embody a retest of the yearly excessive round $85.00.
However because the RSI suggests, the huge uptick has thrust Litecoin into overbought territory. As such, an inflow of downward strain might hasten a break beneath the important $70.00 help line.
If bears reach wrestling management from bulls, the primary main help zone can be round final week’s highs close to $66.76.
The 61.8% Fibonacci retracement stage of the swing excessive from $56.45 low to $66.76 excessive affords a breather at $63.41.
In the meantime, the 38.2% Fibonacci retracement is a resistance-turned-support stage at $62.19.
Ought to bears nonetheless have an urge for food for extra carnage, LTC/USD bulls will depend on the huge help wall on the shifting averages. The 20-SMA and the 50-SMA on the day by day chart present a buffer zone at $60.12 and $54.00.