Litecoin Comeback: Bullish Reversal Sets $76.85 Target
Litecoin (LTC) is rebounding strongly as a bullish reversal takes place, setting the stage for a potential move towards the $76.85 target. After bouncing off a key support level, Litecoin has regained its upward momentum, showing renewed optimism among market traders. Key technical indicators are now pointing to further upside, with $76.85 emerging as the next significant resistance level.
As the market reacts to this bullish reversal, this article will take a closer look at Litecoin’s bullish reversal and assess the significance of the $76.85 price target and its implications for future price action.
Litecoin is up 2% and has been trading at around $65.37 over the last 24 hours. It has a market cap of over $4.8 billion and a trading volume of over $410 million at the time of writing. Litecoin’s market cap has grown by 2% and its trading volume has surged by 42.12%.
Litecoin Bullish Reversal, $76.85 Analysis
Litecoin’s 4-hour chart price is bullish, breaking above the 100-day simple moving average (SMA) and approaching the $76.85 level. The digital asset has experienced significant price gains since bouncing off the $50 support level, indicating a strong uptrend in positive momentum that could lead to further gains.
Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully broken through the 50% level and is currently trending at the 63% level, suggesting that bulls are still in control and that the price can move higher.
On the 1-day chart, Litecoin is still trading below the 100-day SMA, but is showing positive resilience, steadily advancing towards the 100-day SMA and the $76.85 level, with several bullish momentum candlesticks forming. This suggests active bullish momentum for the cryptocurrency.
Finally, on the 1-day chart, the RSI indicator is showing rising positive momentum for the cryptocurrency. The RSI signal line has broken out of the overbought zone and is currently attempting to move above 50%.
Conclusion: Is Litecoin Ready to Break $76.85?
According to recent trading, Litecoin with strong bullish momentum can reach the $76.85 level. If the cryptocurrency reaches and breaks this resistance level, it can have a positive move towards the next resistance level of $89.74. If this level is broken, the price can go higher towards the $105.9 resistance level and beyond.
Conversely, if the downward pressure continues and Litecoin fails to break the $76.85 resistance, the price may fall to the $57.41 support. A break below this level could trigger further declines to test the $50 support, and if this range is broken, further downside moves are possible.
