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Litecoin Price Analysis: LTC/USD climbs above the channel formation, crosses $80-barrier

  • LTC/USD is hovering above the red Ichimoku cloud, SMA 20, SMA 50 and SMA 200.
  • The RSI indicator is trending within the overbought zone, which could trigger a bearish correction.
Litecoin Price Analysis: LTC/USD climbs above the channel formation, crosses $80-barrier
Rajarshi MitraRajarshi MitraIndependent Analyst

LTC/USD daily chart

LTC/USD daily chart

LTC/USD has had two straight bullish days, which pushed the price above the upward channel formation. This Wednesday, LTC/USD went up from $76.80 to $81.The bulls will be aiming for the $84.40 resistance level. If the buyers manage to do so, then LTC/USD will be trending around levels not seen since August 2019. The price is hovering above the red Ichimoku cloud, SMA 20, SMA 50 and SMA 200.

The Elliott Oscillator has had a green session after two straight red sessions, while the MACD indicates increasing bullish momentum. The RSI has wandered inside the overbought zone, which could trigger a bearish correction.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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