• Litecoin price has been in a strong bullish trend this week, rising from its lowest point and closing in on the psychological $100 point.
• Technical analysis suggests that it could rise by up to 40% if it breaks through key resistance levels.
• The RSI and MACD oscillators are both trending upwards, indicating that the price may continue to rise.
Litecoin Price Analysis
Litecoin price has been in a strong bullish trend this week after crashing to a low of $44 in June last year. It has outperformed most cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash. A close look at the chart shows that the coin has formed a rounded bottom pattern with a resemblance to a cup and handle pattern.
Key Resistance Levels
The LTC crypto price is approaching an important resistance level at $92, which is the highest side of the cup and handle pattern. Additionally, buyers are targeting the key level at $134 – the highest point since March 30th last year.
Oscillators like the Relative Strength Index (RSI) and the MACD have continued rising, signaling that Litecoin will likely continue its upward trend towards these key levels. On the 4H chart, we see that it has moved above boththe 50-period moving average as well as crossed the neutral point of MACD histogram.
If Litecoin breaks through these key resistance points successfully then it could rise by up to 40%. If this happens then buyers will target for next resistance level of $105 which is also upper side of ascending channel.
Overall Litecoin continues to be strongly bullish with potential upside potential if buyers can break through key technical levels successfully.