TL;DR Breakdown
- Litecoin price analysis shows price jumping up to $128 with a 4 percent rise
- Price ended a 4-day bearish spell as trading volume rose 3 percent
- LTC looks up to $130 resistance but needs to consolidate
Litecoin price analysis shows price making an upturn of around 4 percent to reach as high as $128 on the daily chart. LTC price suffered more than 8 percent during a seller dominated weekend but picked up momentum as the US market came into play. Litecoin now sits right in the centre of the demand zone at $127 and is expected to look further upwards to reach resistance at $130. However, the token will need to consolidate near or above the $126.45 moving average region in order to avoid a pump and dump situation and aim for a more settled rise.
The larger cryptocurrency market exhibited significant gains made over the last 24 hours, as Bitcoin rose more than 4 percent to move above $43,500. Ethereum gained 6 percent to rise above $3,000, whereas Altcoins recorded similar gains. Ripple rose 5 percent to move up to $0.83, Cardano 5 percent to $1.08, and Dogecoin 3 percent to $0.15. Solana also gained a massive 10 percent to move as high as $101.475.
Litecoin price analysis: Major technical indicators align to test $130 resistance
The 24-hour candlestick chart for Litecoin price analysis shows significant evidence that the token is expected to continue its rise and provide a test to the resistance zone at $130. Price currently sits above the 25 and 50-day exponential moving average that lies around $127. The market valuation shown by the RSI for Litecoin also shows encouraging signs at 51.38 and the upturn from yesterday’s low of $120.6 is reminiscent of the market interest in LTC. The moving average convergence divergence (MACD) also sits above its neutral zone to provide a positive outlook for the token.
Over the next 24 hours, buyers will look to consolidate at current point which could also prove to be a mini resistance. Buying activity for LTC will be set at buy stop around $127 with profit taking expected when price reaches $130 resistance. However, to avoid invalidation of the bullish thesis from here, LTC needs to consolidate above the $126 moving average and hold the current position.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
