Litecoin price takes off! Is this the beginning of Crypto Season?
- Litecoin price is up 7% on the day.
- The uptrend move has established the largest short-liquidation day in October.
- Invalidation of the bullish thesis is a breach below $52.
Litecoin price stuns the market as a surging rally ensues. Key levels have been identified.
Litecoin price skyrockets
Litecoin price has taken the market by a stunning surprise as the bulls have taken complete control of the trend prompting a 7% rally. The move was catalyzed by a classic retest and all signals from the 21-day simple moving average.
Litecoin price currently auctions at $56 as the bulls have successfully taken out the October high. Now the only question is when will the uptrend pull back?
Coinglass’ Total Liquidations shows the bears have been totally obliterated by the surging bull run. Nearly $1.5 million of retail capital has been liquidated, making Tuesday, October 25, the largest liquidity hunt for the month.
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Coinglass Total Liquidations
The Relative Strength Index is in extremely overbought conditions for the second time this week. Still, this is more of a confidence. The next targets for LTC price will be the psychological $60 and potentially $63 for an additional 12-15% rise.
The uptrend should remain intact so long as the recently established $52 lows remain unbreached. If the lows are tagged, an additional decline toward the $44 liquidity zone could occur, resulting in a 20% decrease from the current Litecoin price.
LTC/USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
