Litecoin (LTC) Consolidates Above Key Support: Is a Rally Toward $140 Next?

Litecoin (LTC) ended the day on a bullish note and is currently trading at $83.64. The LTC remains an important entity to watch, since if it turns bullish, it could result in further gains. Short-term projections stand around $96, while mid-term projections stand around $112, with overall projections touching $140. Watch out for intraday levels to see a strong buying opportunity.

Source: X

The LTC outlook remains cautiously optimistic, and any price appreciations are subject to market performance and developments in the price movement of Bitcoin. Breaking key resistances can result in accelerated bullish momentum, so it’s crucial that price action and trading volumes also be closely monitored.

Also Read: Litecoin (LTC) Gains Momentum: Technical Signals Point to a $120 Upside Target

Momentum Indicators Suggest Improving Momentum

However, after a protracted correction, Litecoin is stabilizing, trading in a range above the $78-$80 level of support. The higher lows suggest weak bullish pressure, but the price is still below the $88-$90 level of resistance, which is a crucial level that the bulls need to conquer in a trend reversal.

Source: TradingView

In indicator terms, the RSI (14) is currently at around 57, indicating strengthening momentum and moving away from oversold levels. The MACD line is about to cross over the signal line, portraying the early makings of another bout of potentially healthy bulls. A daily close above $85-$88 could potentially unlock the way to the $95 level, but failing to remain above $80 could pull the trigger for fresh bouts of weakness.

LTC Price Consolidates Near Key Support  Level

Litecoin (LTC) showed a small fall on the day as it tried to hold above the 20-day EMA at $83.10. The 20-day EMA is presently serving as temporary support. Holding above this is important to keep the short-term uptrend intact. The recent formation of candles suggests a loss of control by sellers.

Source: TradingView

The overall trend is conservative, as LTC is holding below the 50-100-200 EMAs group ranging from $88 to $94. The $80-$82 area is a major level of support, while the lower Bollinger Band at $73.46 is a deeper level of danger. Crossing the $86-$89 area will support a potential bounce, while breaking $80 may again pose threats from the mid-70s.

Also Read: Litecoin Price Analysis: LTC Targets $87.40  as Bullish Momentum Builds