LTC/USD Technical Analysis: Market bullish but lacks the steam to aim for $100 level
LTC/USD Daily Chart
- The market has had a bullish breakout from a triangle formation.
- The two latest sessions have put the daily price above the SMA 200, SMA 50, and SMA 20 curves.
- The signal line has converged with the MACD line and the MACD indicator has finally had a bullish session after 22 consecutive bearish sessions.
- Bulls will need to negotiate resistance at $85, $87, and $90 to have any chance of taking the price back into the $100 zone.
LTC/USD 4-Hour Chart
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- The 4-hour LTC/USD price chart had a bullish breakout from the green cloud of the Ichimoku indicator.
- The relative strength index (RSI) indicator is trending at 79.65.
- Since RSI is in the overbought zone, a bearish correction could be around the corner.
- Closest mid-term resistance lies at $85.
LTC/USD Hourly Chart
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- LTC/USD bulls need to target short-term resistance at $85.
- The price still hasn’t reached the upper curve of the 20-day Bollinger band. This indicates that the upward movement isn’t as bullish as it could be.
- The squeeze of the Bollinger band shows decreasing market volatility.
- The hourly price is also trending above the SMA 200, SMA 50, and SMA 20 curves.
- The two latest sessions in the Elliot wave oscillator are bullish following nine consecutive bearish sessions.
Key Levels
Author
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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