Litecoin price overview: These baby steps could lead LTC higher
|- Litecoin price is stuck in a ranging channel.
- Technical levels remain positive as bulls fight to break the range resistance.
Litecoin is still range-bound between $30.00 and $34.00. In last week’s analysis, we saw Litecoin start to build a bullish momentum from the support at $30.00. The break above the range resistance happened as predicted, however, the bulls failed to sustain above $35.00.
The $2 billion cryptocurrency is up 1.13% on the day. It has a 24-hour trading volume of $762 million while exchanging hands at $33.68. The price has corrected above both the 15-minutes 50-day Simple Moving Average (SMA) and the 100-SMA. The bulls are battling fighting to break from the ranging channel resistance.
Looking at the technical levels, Litecoin poised for an upward correction. The Moving Average Convergence Divergence (MACD) is sitting above the mean line (0.0), besides it has stayed inside the positive region since February 1. Similarly, the Relative Strength Index (RSI) is above 50.00 to show that bulls have significant influence. Litecoin needs a catalyst in order to attack $40.00 and focus of higher levels towards $60.00.
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