Litecoin Shows Bullish Signs As Price Eyes $70; Will Bulls Push To This Region?
- LTC’s price shows bullish signs as price holds above its range channel showing signs to rally high as FTX fiascos continue.
- LTC’s price trades above $60 with the market’s current state, as things look uncertain for most traders and investors.
- LTC’s price bounces from a low of $50 on the daily timeframe as the price aims for a rally to $70 above the 50 Exponential Moving Average (EMA)
The price action displayed by Litecoin (LTC) in recent times has been encouraging after the FTX saga that has troubled the hearts of many traders and investors, giving many a reason to be hopeful. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15. Still, these expectations were cut short by the uncertainty surrounding the crypto market, but this has yet to deter the price of Litecoin (LTC) from performing well in recent times. (Data from Binance)
Litecoin (LTC) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
FTX news hugely impacted the price of LTC, sending the price into a spiral movement to a region of $50 as the price bounced off this region with what looked like a temporary demand zone to hold off a big sell-off.
The price of LTC bounced off this region showing some great strength to a region of $60 as the price aims to break higher to $70. The price of LTC needs to hold above $60 for more signs of relief toward $70.
Weekly resistance for the price of LTC – $70.
Weekly support for the price of LTC – $60.
Price Analysis Of LTC On The Daily (1D) Chart
The price of LTC remains considerably strong in the daily timeframe as the price trades above $60 support after bouncing off from the region of $50.
If the price of LTC holds above $60, we could see more rallies for the LTC price; a break below a region of $60 would be a bear trap as the price could go lower.
Daily resistance for the LTC price – $70.
Daily support for the LTC price – $60.
Featured Image From zipmex, Charts From TradingviewText source: NewsBTC
