- 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.
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.