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  • Writer's pictureSarah Dixon

Litecoin may rally by 13% if it breaks past a certain level.


Litecoin may rally by 13% if it breaks past a certain level.
Litecoin may rally by 13% if it breaks past a certain level.

Litecoin has been showing a consistently positive trend in recent weeks, reflecting a strong market sentiment. Despite the broader market gaining strength in recent trading sessions, Litecoin has managed to sustain its gains. Bitcoin's current price has surpassed $31,000, leading to an upward movement for other altcoins as well.


Although Litecoin has not experienced significant changes in the past 24 hours, it has maintained a positive trajectory. On a weekly chart, however, the altcoin has surged by over 20%. This remarkable recovery began in June when Litecoin broke through the $70 price mark, and since then, the coin has gained more than 50%.


From a technical outlook, the Litecoin outlook aligns with the bullish sentiment. Both demand and accumulation indicators on the chart have remained high, suggesting the possibility of further gains. However, there is an important resistance level to consider.


In the upcoming days, Litecoin is expected to experience a surge due to its halving event scheduled for August 3rd, 2023. Additionally, the market capitalization of Litecoin has also improved, indicating an increase in demand for the cryptocurrency.


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Litecoin may rally by 13% if it breaks past a certain level. Litecoin Price Analysis: One-Day Chart


Litecoin was priced at $106 on the one-day chart | Source: LTCUSDT on TradingView
Litecoin was priced at $106 on the one-day chart | Source: LTCUSDT on TradingView

Litecoin (LTC) is currently priced at $106, trading below its resistance level of $108. However, the main obstacle for LTC is to gain enough strength to surpass the $115 resistance level. Historically, the coin has faced rejection at this level, and in April of last year, it approached but failed to sustain trading above it for the remainder of the year. If LTC fails to break through the $115 resistance, it could experience a decline towards the $103 support level. Further downward movement from this point would bring LTC below the $100 mark, indicating a complete invalidation of the bullish intent. Litecoin may rally by 13% if it breaks past a certain level.


Technical Analysis


Litecoin was nearly overbought on the one-day chart | Source: LTCUSDT on TradingView
Litecoin was nearly overbought on the one-day chart | Source: LTCUSDT on TradingView

The recent surge in Litecoin's price to over $90 has significantly increased investor confidence. The Relative Strength Index (RSI) indicator shows that buying activity has increased and reached the overvalued zone.


Although it slightly retraced from the overbought territory, it remained above the 60-mark, indicating that the market's buying strength is still sustained.


Moreover, the LTC price movement was supported by remaining above the 20-Simple Moving Average (SMA) line, which suggests that buyers have taken control of the market and are driving the price momentum.


Litecoin formed increased buy signals on the one-day chart | Source: LTCUSDT on TradingView
Litecoin formed increased buy signals on the one-day chart | Source: LTCUSDT on TradingView

Based on the chart analysis, the Moving Average Convergence Divergence (MACD) indicator shows bullish signals for LTC as indicated by the tall green histograms. This suggests the possibility of continued upward movement in the market. Furthermore, the Bollinger Bands on the chart indicate high price volatility, with the upper band coinciding with a resistance level of $108.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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