Litecoin price analysis: LTC/USD ignites momentum towards $100


  • Litecoin bulls intensify their grip in the market; all eyes set on $80 short-term resistance and $100 ultimate resistance.
  • Technically, the short-term analysis signals a bearish momentum.

If Litecoin continues with the current price action within the ascending channel, achieving $100 in the following week is almost a guarantee. At press time, LTC/USD is trading above the moving averages. Which suggests that buying influence is gaining traction. Moreover, the 50 Simple Moving Average (SMA) 1-hour has crossed above the 100 SMA 1-hour to show buyers have the upper hand.

Technically, the short-term analysis signals a bearish momentum. The Moving Average Convergence Divergence (MACD) is heading is still holding ground in the positive area. However, the negative divergence points towards increasing selling activity.

Read alsoBoE’s Mark Carney: Digital currency “could dampen the domineering influence of the U.S. dollar”

On the upside, the 21 Exponential Moving Average (EMA) is standing in the way of upward correction at $74.63. If the buyers manage to clear the resistance, there is a higher chance that LTC will trend towards $80 in this weekend session.

The immediate support is seen at $74 (moving average double-cross). In the event, a reversal occurs and the channel support is broken, bulls can anticipate support at $73, and $70 respectively.

LTC/USD 1-hour chart

 

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