- LTC price recovery: Bulls protect the $42 Demand Zone
- LTC/USD –$50 and $60 price levels likely to be attained
Litecoin took a bold step trading in the zone between $42 and $50. Previously, the bulls notably attained a high of $44 but were rejected. The coin retraced and found support at $42. Also, the coin returned to its original zone to continue its several price variations. It is projected that the demand zone at $42 will hold, if this happens, LTC will attain a high of $50 and break it.
Consequently, the coin will continue onward into the previous highs if the current bullish movement is sustained. Sadly, it will be a hindrance if the cone declines below $42 due to other rounds of selling pressure. Expectantly, the price is shifting above the current support in preparation for an upward move.
LTC Price Analysis – the bulls have effectively broken above the 12-day EMA but were rejected by the 26-day EMA. The price may break the 26-day EMA and attain the bullish trend range. Currently, LTC is above 80% of the daily stochastic range. This indicates that the price is currently in a strong bullish momentum. The LTC/USD pair is likely to attain the $50 and $60 price levels if the current momentum is persistent.
Litecoin (LTC) Price Today – LTC / USD
The major supply levels are at $80, $100, and $120, while the major demand zones $50, $40, and $20. LTC has moved up positively from the bottom of the chart. With a persistent bullish momentum, the LTC/USD pair is like to continue its bullish move. Although, it may be hindered at the $50 price level.
LTC/USD –$50 and $60 Price Levels Likely to be Attained
Traders are advised to watch out for a buy structure to begin long-term trades with the mindset that the $42 support level holds. A restriction should be positioned below $39 to hinder further loss. On Monday, LTC/USD crowned at $44.00, also, the upside seems shaky. The local support is established by the middle line of the daily Bollinger Band at $41.50. Once it is sorted, the sell-offs are expected to persist with the next aim on psychological $40.00 and the recent low of $39.50. If it is broken, the sell-offs may begin snowballing towards a psychological $30.00.
While on the upside, a persistent move above the local support at $44.00 will pave the way towards $45.00 with the upper line of the daily Bollinger Band sited on line. Also, a strong hurdle awaits at $46.50. It is established by SMA50 (Simple Moving Average). Since December 18, the coin has been trading below this MA, hence, if it is obvious, the upside momentum may gain grip ad pull the price towards $50.00 and SMA 100 at $51.80.