The Litecoin Price Reaches 70-Day High
The price of Litecoin (LTC) has surged to a 70-day high of $72.89, breaking out from its previous range high. The price has returned to this range high and is currently testing it as a support level. The question now is whether it will bounce again.
Litecoin Moves Above Range High
Technical analysis of the daily timeframe for Litecoin reveals that the price broke down from an ascending support line on October 9. It then validated this line as resistance on October 16 before falling again. However, on October 23, it moved above the previous ascending support trendline and the $58 resistance area, which had acted as the range high since August.
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The LTC price reached a high of $72.89 today, marking its highest point since August 16.
Litecoin News: Long-Term Holders Buying LTC
There is interesting news regarding Litecoin today. Long-term holders of Litecoin have been buying significant amounts of LTC since October, causing the Holders Net-Inflows metric indicator to reach a two-year peak.
In addition, the Litecoin Foundation has announced the production of 999 silver 50-gram collectible cards featuring a Litecoin block reward. These cards are currently being sold for $840.
What Are the Analysts Saying?
Cryptocurrency analysts are predominantly bullish about the movement of the LTC price. FuryMetaa predicted a breakout from the range high, which has now occurred. SantoXBT and KongBTC also predicted a next leg up with a potential future target of $92.
The question remains: will this target be reached?
LTC Price Prediction: Will Breakout Continue?
The daily RSI supports further price increases for Litecoin. The RSI is above 50 and increasing, indicating a bullish trend. The indicator’s bullish divergence trendline is still intact, reinforcing the validity of the breakout.
If the price continues to increase, Litecoin could reach its next resistance at $83, which is 21% higher than its current price.
However, if the price closes below the $68 horizontal area, it will invalidate the breakout. In that case, a 14% drop to the closest support at $58 is likely.
Hot Take: Litecoin’s Bullish Momentum Continues
The Litecoin price has reached a 70-day high, breaking out from its range high and returning to validate it as support. With long-term holders buying LTC and analysts predicting further price increases, there is a bullish momentum for Litecoin. The daily RSI supports this trend, and if the price continues to increase, it could reach the next resistance at $83. However, a close below the $68 area would invalidate the breakout and could lead to a drop to $58. Overall, Litecoin’s future looks promising as it rides this bullish wave.
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