Price Analysis – Why Litecoin Can Climb Higher! ⋆ ZyCrypto
Litecoin has been on a steady climb in the last few months signaling as one of the first movers during the recent alt-coin rally.
A crypto many had almost forgotten about.
It was back in February where Litecoin was showing strong growth with a 65% gain in price proving enough to push and maintain above the 200D EMA.
Since then, Litecoin has been steadily ascending higher holding well on key resistance levels.
Litecoins price currently sits at $78.7 but where can Litecoin be heading next?
Can Litecoin climb higher?
Litecoin Price Analysis
During Q4 2018 Litecoins price had significantly decreased with a huge sell-off leaving many investors to exit the market at a low.
Litecoin bulls made repeated attempts to push the price above the $64 resistance level but lack of volume was clearly evident, pushing price down to the lows of $23 which seemed to hold well as support.
The bottom was in.
The beginning of February saw another attempt by the bulls to push price higher, creating multiple lower highs and more importantly – A convincing push past $64 indicating bullish momentum!
Litecoin resistance has been found at $100 with a failed attempt to break through, which in line with an overbought RSI indicator signaling a sell-off was likely.
Support for LTC has been found at $78 but could we be seeing another retest of $100?
The current trendline in play indicates that Litecoin is respecting the trend as support consistently pushing higher once it has been met.
$67 could potentially be met if there is further sell-off of this cryptocurrency however a break of this trendline could indicate $55 could act as support in line with the 200D EMA.
A sell-off was certainly expected and I have noticed Litecoin has been holding well at the current $77 support level.
I would like to see how well $64 level holds as support if this area is met again which acted as heavy resistance previously.
Litecoin was previously one of the first movers to surge in price and I do think it could be one the first again to surge higher and possibly reach $100.
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