|

Litecoin offers 12% gains to LTC holders, three reasons why the altcoin has bullish potential

  • Litecoin price is on track to break outside the ascending channel after the 50-day Exponential Moving Average crossed below the 200-day EMA. 
  • LTC has yielded double-digit gains for holders over the past two weeks and the outlook on the altcoin remains bullish. 
  • Bulls are ready to push Litecoin to its $85.03 target, after breaking out of its ascending channel. 

Litecoin, the decentralized peer-to-peer cryptocurrency, is on track to break out of its ascending channel. LTC has yielded 16% gains over the past two weeks and the outlook on the altcoin remains bullish. 

Also read: Here’s why Ethereum Classic witnessed a massive rebound in its price with hashrate simulation

Litecoin price prepares for a bullish breakout 

Litecoin, the payment cryptocurrency is on track to break out of its ascending channel. The peer-to-peer payment token is currently in an uptrend. LTC has posted consistent gains for its holders, two weeks in a row. 

The Litecoin chart below shows LTC’s bullish potential. The target for the payment coin is $85.03. The 50-day Exponential Moving Average (EMA) recently crossed above the 200-day in a bullish indicator, the Golden Cross. 

Relative Strength Index (RSI), a momentum indicator, is currently at 59.77, close to neutral territory. This signals there is bullish potential in Litecoin and holders can expect continuation of the uptrend. RSI signals a rising buying pressure in Litecoin.

LTC/USDT price chart

LTC/USDT price chart 

Michäel van de Poppe, crypto analyst and trader believes LTC is ready for a bullish breakout and it is open for a long with the target of $78.39 and $85.03. With sustained buying, Litecoin could continue to rise and break past the upper trendline, a close above the $80 level could validate the bullish thesis. 

Litecoin is set to face resistances between $80 and $101. The asset could find support at the 50-day EMA at $73.48 and 200-day EMA at $70.84. Below the $70 level, the payment token could nosedive to support at $63.7. 

The outlook on Litecoin is therefore bullish for the week and a decline below the $71, the lower trendline of the ascending channel would imply a bearish trend reversal in the token.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.