For the past several days, the situation has been very promising for Litecoin (LTC). Investors have been investing heavily in Litecoin and that has tremendously increased the demand for the asset.
The market is mainly bullish and Litecoin is taking full advantage of that. Despite the minor falls, the overall situation of Litecoin is experiencing an uptrend.
Litecoin is Moving Higher
According to the analysts, the trading price of LTC has remained in the uptrend zone for a while and it may stay in the same territory for a while.
There was a brief period when the price of LTC witnessed a consolidation. However, the buyers were able to retake control of the trend and push the asset’s price higher.
The consolidation was short-lived, suggesting that the bears did not have much time to celebrate their victory. Soon, the bulls injected their strong buying sentiments and the price of LTC surged significantly.
It was the buying prowess of the bulls that kept pushing the trading asset’s price higher. The trading price of the asset managed to make it through $92, which is the overhead resistance for LTC.
By increasing their buying power and pushing LTC’s price higher, the bulls were able to prove that their sentiments were intact. They proved that they would not let the bears take control easily.
LTC May Hit a High of $107
For now, the trading price of LTC is close to hitting $100, which is the psychological level for the asset. They may continue adding more power to the rally and push the asset’s price further.
If their sentiments keep on growing stronger, then the trading price of the asset may be able to hit $100. Once the $100 roadblock has been passed, then the bulls may have more strength to carry on with the rally.
They may continue pushing harder and extend the rally. This may eventually create an even stronger rally that may push the trading price of LTC all the way up to a high of $107.
LTC’s Decline to $75
Although the trend is currently bullish, there is one possibility that the trading price of LTC may experience a downtrend.
The data suggests that the RSI for LTC is coming closer to hitting the ‘overbought’ zone. This means that if the asset hits a particular zone, its trading price may start plummeting.
This is the point that the bears may try and take advantage of. They may start selling LTC to bring the asset’s trading price lower to $86.
If the bulls do not give much of a challenge, then the bears may make another selling attempt and pull LTC to $75.