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Litecoin’s technical setup indicates a strong bullish breakout above a key resistance zone as technical indicators support LTC’s bullishness. Will the bulls target $95 next?
Litecoin has surged 11.26% in the past 24 hours as of press time. Per CoinMarketCap data, LTC has seen a 67.37% surge in 24-hour trading volume, signalling increased buying pressure amid renewed investor interest. As open interest rises, the bulls are geared up for a rally to reclaim the $100 key psychological level.
Looking at the 4-hour chart, LTC has broken out of the $81-$88 horizontal channel through the $88-$90 resistance zone with a strong consecutive green candles. This suggests strong bullish momentum as buyers step in following a retest of the $81 key support.
What do the technical indicators tell?
The MACD level (12,26), the short-term and mid-term moving averages are flashing “buy”, at press time. With the Relative Strength Index (RSI) at 60 (not overbought zone), LTC has heightened buying pressure and more buying potential.
With LTC’s price fluctuating around $90.80 and a fair value gap (FVG) left at the $84.5-$87 zone, LTC bears could attempt a price pullback. Analysts have predicted that, if the bulls hold strong, LTC could hit $95 as its next target toward the $100 mark. Traders are closely monitoring LTC above the horizontal channel for more insights.
