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Litecoin Soars 9% Daily, is $100 Next? (LTC Price Analysis)

Analytics

cryptopotato.com 05 December 2022 08:06, UTC
  
Reading time: ~2 m

Litecoin continues to move higher with a total disregard for the current bear market. Could this be the start of a broader recovery?

Key Support levels: $74, $64

Key Resistance levels: $95, $105

Litecoin’s price action is getting closer to deleting a lot of the losses marked throughout the ongoing bear market, and it’s on its way to testing another critical resistance at $95. Bulls seem to be in complete control at the time of this writing.

Sellers have vanished, and they failed to keep LTC under $74, which allowed the price to move higher.

Technical Indicators

Trading Volume: The volume exploded since LTC moved above $60. Ever since that point, buyers have had the upper hand, including in the past few days.

RSI: The daily RSI is curving back up and may enter the overbought area again at over 70 points. This is bullish.

MACD: The daily MACD remains positive despite this recent pullback to the key support. This is a show of strength.

Bias

The bias for LTC is bullish.

Short-Term Prediction for LTC Price

Litecoin surprised the market yet again after turning the $74 level into support. Rallies of this kind are rare during a bear market, which puts into question the willingness of sellers to regain control.

The biggest challenge for LTC in the next few days is the resistance at $95 and the key psychological level at $100. These targets will likely put up a good fight before allowing the price to move higher.



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