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Litecoin Continues Upward Trend as It Moves Towards Its High at $180

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Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

The price of Litecoin (LTC) stays in between the moving averages. The last time Litecoin experienced a similar upward trend, it peaked at $144 when the altcoin dipped below the 50-day moving average.

Additionally, the virtual currency is trading above the 21-day line but under the 50-day line. By implication, the LTC price will remain in between the moving averages.

  • Litecoin Price Looks to Have a Bullish Run in the Long-Term

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Once the moving average lines are broken, analysts expect Litecoin to develop a readily observable trend. In the interim, the LTC/USD currently trades at $128 during the time of this report. As it stands, the bulls will attempt to break through the 50-day moving average line if the price rise above its current trend.

Additionally, analysts expect that the bulls will attempt to break its $140 jinx. If they succeed, the market will reach a peak high of $180. However, the price instability will continue should the bullish run prove futile.

  • The Indicator Analysis

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LTC price bars are currently between the moving averages that indicate a potential range-bound move. Per the daily stochastic, the cryptocurrency’s altcoin is above the 50% area. That implies that the market has regained its bullish run.

Moreover, LTC is at the 52nd level of the Relative Strength Index during period 14. With the virtual coin currently selling in the upward trend region, the coin looks capable of making further upward moves.

  • What the Immediate Future Looks Like for LTC?

Litecoin continues its upward trend as its value rises above the moving averages. In the meantime, the upward trend from last week Thursday’s performance shows a candlestick body that proved the 50% Fibonacci retracement level. With the current retracement level, Litecoin looks capable of rising to a $184.53 high.

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