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Reading: Litecoin Price Surges, Can Bulls Push LTC to $70?
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Voice of Crypto > News > Litecoin Price Surges, Can Bulls Push LTC to $70?
News

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

Adekunle Joshua
Last updated: 2023/03/10 at 2:18 PM
Adekunle Joshua Published November 18, 2022 March 10, 2023
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Litecoin-Price-Goes-Parabolic-as-Whales-Begin-To-Move-In

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.

 

Contents
Key InsightsLitecoin (LTC) Price Analysis 

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.

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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