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Litecoin Price Surges, Can Bulls Push LTC to $70?

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VOC, Voice of Crypto, Litecoin, LTC

Key Insights

  • Litecoin is up by 4% over the last day after rising from a $58 low in the previous 24 hours.
  • Litecoin hit $63 and has since reversed to the $61 zone where it sits at the time of writing.
  • The simple moving averages and the RSI’s proximity to the neutral zone show a balance between supply and demand.

 

Litecoin has done well for itself in terms of recovery from the effects of the FTX fiasco.

The cryptocurrency is up by 4% over the last day after rising from a $58 low in the previous 24 hours. Litecoin hit a $63 high early on Friday and has since reversed to the $61 zone where it sits at the time of writing.

Tokenomics On Litecoin, VOC, Voice of crypto

Litecoin Tokenomics  | Source: CoinMarketCap

Although Litecoin has yet to experience supremely bullish price movements, several signs indicate that the altcoin may enter a bullish phase.

Litecoin (LTC) Price Analysis 

The price of Litecoin has been stuck between $46 support and $75 resistance over the last few weeks.

The inability of the bulls to raise the price above $75 on 7 November may have strengthened the bears to push the price of the cryptocurrency lower. As a result, the cryptocurrency price trended downward towards the $46 support level again on 9 November.

Chart showing the price action on Litecoin, VOC, Voice of crypto

Chart showing the price action on Litecoin | TradingView

After hitting the support level, the price of LTC continued to increase. However, the LTC/USDT pair was under solid bearish pressure around the $65 zone. This may indicate that the bears are gathering strength.

The simple moving averages and the RSI’s proximity to the neutral zone show a balance between supply and demand. This suggests that the pair may trade for some time in a limited range between $53 and $65.

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The price of LTC currently trades above the $60 support after rebounding from about $50 in the daily timeframe and breaking above $60. This indicates that the cryptocurrency’s price action is sufficiently healthy and may even be headed for a breakdown of the $70 resistance.

More LTC price rallies may occur if the price stays above the $60 zone; a break below it would mean another retest of the $53 zone.

 

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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