Litecoin Price Analysis: LTC On The Bounce Against BTC – Can We Reach $80?

Litecoin has seen a 10.60% price increase over the past week, allowing the coin to rise to the $76.50 level. This latest surge has allowed Litecoin to climb back above the 2019 rising trend line as the coin sets its sights toward the $80 level.

Litecoin is the fifth-largest cryptocurrency with a market cap of $4.82 billion, sitting $900 million behind the fourth-largest coin, Bitcoin Cash.

Looking at the LTC/USD 1-Day Chart:

  • Since our previous Litecoin analysis, LTC has managed to climb higher from the support at $67.23. The coin made many attempts to break above the rising trend line but was only successful in doing so toward mid-September. 
  • From above: The nearest level of resistance is located at $80. Above this lies some major congestion between $82 and $85 which contains both the 100-days EMA and 200-days EMA. Higher resistance is located at $87.54, $90, $91.90, $93.93, $97.18, and $100.
  • From below: The nearest level of support lies at $74.72 (which is bolstered by the rising trend line). Beneath this, support is located at $70.82, $67.74, $63, $60, and $56.60.
  • The trading volume remains low and shows no signs of increasing.
  • The RSI is above the 50 level which shows that the bulls are in charge of the momentum. The RSI is also not overbought, which shows that the bulls can still push the coin higher. However, the Stochastic RSI is overbought as we wait for a bearish crossover signal to initiate a small retracement. 

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Looking at the LTC/BTC 1-Day Chart: 

  • Against Bitcoin, Litecoin remained heavily supported by the 0.0062 BTC level which allowed LTC/BTC to rebound higher. The coin went on to break above resistance at 0.0065 BTC, 0.0070 BTC, and 0.0073 BTC to reach the current level at 0.007467 BTC.
  • From above: The nearest level of resistance lies at 0.007590 BTC and 0.007825 BTC. Above this, resistance is expected at 0.0080 BTC, 0.0081 BTC, 0.008326 BTC (1.272 Fib Extension), and 0.0087 BTC (100-days EMA).
  • From below: The nearest level of support lies at 0.007297 BTC. Beneath this, support is located at 0.0071 BTC, 0.0070 BTC, 0.006890 BTC, and 0.0065 BTC.
  • The trading volume has shown some slight increases during September but remains far below the recent average.
  • The RSI in this market is within the bullish favor. However, the Stochastic RSI is also preparing for a bearish crossover signal which should send the market southward.

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Source: Crypto Potato