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- Litecoin price shot above $160 in a late surge on the day
- Price rose as high as $166.69 with trading volume upping by 16 percent
- LTC could be in line to target the $200 psychological mark
Litecoin price analysis for the day shows the token engaging in a late surge to take price above the $160 resistance. Rising over 5 percent on the day, LTC price went up to $166.69 with trading volume rising by 15 percent. Previously, Litecoin had been stuck within a narrow horizontal channel of $141.28 and $157.64, setting up a continuous bearish outlook. With the current upturn, it could be expected that price may conjure up a challenge for the $200-mark over the holiday period. For this to happen, momentum would have to be carried over the current $175 resistance point.
The larger cryptocurrency market showed significant greens to replicate Litecoin’s movement, as Bitcoin led the charge with a 5 percent increment. Ethereum also consolidated above the $4,000 mark with a 3 percent rise as major Altcoins showed bigger profits. Cardano rose more than 6 percent to take price past $1.43. LUNA continues its surge, rising 13 percent on the day to cross the crucial $100 mark, whereas Dogecoin, Polkadot and Solana recored approximately 4 percent increments each.
LTC/USD 24-hour chart: Price moves above 50-day EMA in latest surge
On the 24-hour chart for Litecoin price analysis, price can be seen making a late surge past its crucial 50-day Exponential Moving Average (EMA) at $157.49. The move represents a bullish turnaround, with an increasing Relative Strength Index (RSI) value of around 50 to suggest a healthy market valuation. With the move, price has also moved into the top half of the Bollinger bands’ curves, further consolidating the trend reversal.
LTC/USD 4-hour chart: Consistent hold above $160 key for LTC
The 4-hour chart for the LTC/USD trade pair shows that Litecoin price needs to hold up above the $160 mark for the late surge to justify a significant move for the price. Price currently sits at $163.09, having fallen slightly from earlier levels. However, the 4-hour EMA sits at $160.9 and with an RSI of 64.31 it is likely that price will continue upwards over the next short-term trade sessions.
Litecoin price analysis: Conclusion
Litecoin price conjured a late surge upwards past the $160 resistance overnight, and looks likely to test the $175 resistance if price can hold above $160.9 over the coming trade. Majority technical indicators show a healthy market valuation and a strong upturn on the cards for LTC, but having been in a precarious position over the past weeks, any movement below $157 may put the token back in the narrow horizontal zone with expected price stagnancy.
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