Litecoin breaks the $65 resistance: Is LTC set to reach $100?
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Litecoin is very similar to Bitcoin, mainly used for small transactions. LTC is the original coin and is currently in high demand. Therefore, it broke the previous resistance even after the collapse of the FTX liquidity crisis. As many altcoins form annual lows, LTC is trading near $77, breaking the $65 resistance.
Over the past seven months, Litecoin consolidated between $45 and $65. It saw outflows in the first half of this year, but was less affected by global conditions.
LTC’s daily candlesticks have broken the upper Bollinger bands, which means it will return to the previous resistance around $70 in the short term.
Other technical indicators such as MACD and RSI are bullish, indicating strong momentum. Should you invest for the long term? Read ours Litecoin prediction know.
After hitting an all-time high of $412.96, it is now trading around $77, which could be a bottom for the long term. It has been rising in the last two weeks and we can find the price increase even on the weekly chart. LTC’s candlesticks have broken the Bollinger bands, suggesting consolidation in the coming weeks.
In the third week of November, Litecoin formed a bullish candle that indicates an uptrend in the short term, but $77 is also a crucial level and is not an ideal time to invest in the long term.
Technical indicators such as the RSI and MACD are on the rise, suggesting that it could reach $90, but it is a risky investment, at least in the short term. The LTC price is still around the long-term support level, which is well below the all-time high, so it could break the $45 support in two months.
This is not the time to assume a bullish market and invest blindly; you need to keep cash in hand to collect your favorite cryptocurrencies when they offer the ideal opportunity at a lower price.