- Litecoin price will soon cross $75.
- Sep. 21 was the last time the LTC/USD crossed $75.
- RSI is hovering around 77.75 in the overbought area.
Litecoin news today – the digital asset market is still being led by LTC. Recall that some experts predicted that the near-term LTC price will lead the market in terms of gains. Now the digital asset has posted a new high for the new year. According to a close look at the daily chart for the LTC/USD pair, the price of Litecoin is prepping to cross the $75 mark. This is a new high for the coin this year after it entered the bullish region since January.
The LTC/USD Pair is Moving Upwards
The daily chart shows that the LTC/USD pair is currently trending in an upward pattern after it managed to chart at the bullish region for three consecutive days. During this bullish period, the LTC/USD pair went up from the $67.89 area to the $74.22 position. Now the price of Litecoin is set to cross above the $75 mark. This is a good development for the digital currency. It is the first time the coin is managing to cross the $75 mark since September 21, 2019.
The price of LTC was hovering over the 20-day simple moving average, as well as the 50 and 200-day moving averages. The coin’s price has found a resistance area at the upper curve via the 20-day Bollinger band.
RSI is in the Overbought Zone for the LTC/USD Pair
The chart shows that the MACD line is indicating a decreasing bullish momentum. On the other hand, the Elliott Oscillator is showing a history of four consecutive red sessions for the LTC/USD pair. Meanwhile, the Relative Strength Index for the pair is trending around the 77.75 area and is in the overbought area. This, in turn, hints that a bearish correction might be inevitable at some point.
Litecoin (LTC) Price Today – LTC / USD
In other reports, Willy Woo of Adaptive Capital has declared that the price action of that Litecoin is currently on may foreshadow what we would have expected to happen to Bitcoin. Woo used the on-chain investor action to reach this conclusion. Woo doesn’t think LTC has the potential to last on-top and dethrone BTC. He thinks BTC is entering another bull-run. Here is how he put it:
“With the help of the on-chain investor action, which offers an idea of where this action might go, the price action of Litecoin is already in the bullish region. While the price action of BTC is consolidating at an early bull swing. I’m expecting a bull-run for Bitcoin to led by Litecoin as a confirmation sign.”
Even if the cryptocurrency market is still unpredictable long-term, there is enough evidence to support a price surge for Litecoin LTC.