Litecoin price prediction: Further upside remains in play amid bullish technical set up
- LTC bulls back in charge as weekend love for crypto market returns.
- The coin looks to regain the 64 handle and beyond.
The sixth most widely traded cryptocurrency - Litecoin (LTC/USD), with a market capitalization of $ 4.02B, extends its bullish momentum for the second day in a row this Sunday. The coin is back on the 63 handle, having gathered pace above the 61.8% Fibonacci Retracement (Fib) of the latest decline for the renewed upside. The bulls now target the last week’s high at 64.32, rejoicing the resurgence of the weekend love for most digital currencies. At the press time, the price trade near 63.20, up 1.75% on the day and 3.20% over the last 24 hours.
LTC/USD 1-hour chart
As observed on the hourly sticks, following the head and shoulders (H&S) breakout on Saturday, the price remains on track to reach the pattern target around 64.80 region. Bolstering the upbeat momentum, a bullish flag pattern is spotted, suggesting that the coin is bidding for the next push higher, with the immediate focus now on last week’s high at 64.32, where the horizontal trendline resistance coincide. On a sustained break above the last, the bulls are likely to face stiff resistance around 64.70/80, the confluence of the H&S as well as bull flag pattern target. The further upside is also justified by the hourly Relative Strength Index (RSI), which is seen reversing from the oversold territory.
Meanwhile, the downside remains cushioned by the falling trendline support at 62.66, below which the next supports awaits at the upward sloping 21-hourly Simple Moving Average (HMA) and the horizontal 100-HMA, now located at 61.82.
LTC/USD Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
