Here’s What To Expect From Litecoin As Bulls Eye $100
The Litecoin price reflected potential, although at the moment, altcoin displayed bearish sentiment on the daily chart. In the same time frame, LTC dropped close to 6%. Over the past week, the altcoin price declined by over 6%.
It has broken below two important support levels, but currently, LTC bulls are defending the $84 price floor. The technical outlook for LTC suggested that the bears will remain in control unless it attempts to breach the immediate resistance mark.
Demand for the altcoin also remained low, as buyers were less active on the chart. Accumulation also dipped as a result. For the LTC price, there are two important resistance levels that the coin has to topple over to target $100. Over the past few weeks, Litecoin has been trading in a range that has stretched from $87 to $94.
The altcoin’s market capitalization also fell over the last 24 hours, indicating that sellers were active in the market. Broader market strength will be needed if LTC has to breach the band’s upper limit. LTC is trading at 79% below its 2021 all-time high.
Litecoin Price Analysis: One-Day Chart
LTC was trading at $89.30 at the time of writing. The altcoin’s price has increased from its support level of $84, acting as a strong price floor. LTC is now trading close to the upper band of the price range, and a push from buyers can take the price to $94, which is the immediate resistance for the altcoin.
If LTC manages to breach $94, the next barrier would be $96. A move above $96 will pave the way to $100 for the altcoin.
On the other hand, if LTC loses the $84 support level, it would park itself at $79, strengthening the bears further. The amount of LTC traded in the last session was red, signifying the stronger presence of sellers compared to buyers.
The buying strength for Litecoin continued to trend downward over the past few weeks. The Relative Strength Index pierced through the half-line, indicating low buying strength and bearishness on the chart.
The LTC price moved below the 20-Simple Moving Average (SMA), which suggested that sellers were still driving the price momentum in the market.
If LTC manages to move above the $94 price mark, the altcoin price will cross above the 20-SMA line, which would help the bulls to regain strength.
Other technical indicators have also maintained bearish strength on the daily chart. The Directional Movement Index, which depicts price direction, was negative as the -DI line (orange) was above the +DI line (blue). This meant that the price was moving downward.
Bollinger Bands measure the price volatility and fluctuations in the market. The bands were wide, suggesting a chance of price fluctuation over the subsequent trading sessions.
Featured Image From UnSplash, Charts From TradingView.com