Litecoin price movement has been monitored by market analysts this past week. The digital currency has been trading in a bearish trend extending from $80.00 to $62.00 earlier this week and is currently correcting higher at the $65.00 level.
LTC has outperformed other altcoins as the most popular cryptocurrency of choice among traders over the last several weeks, registering some impressive gains. The digital currency is currently ranked among the top 5 most active blockchains and has been able to remain above the $60.00 level despite a brief dip earlier this week. Messari Chain activity native assets ranked LTC by the estimated on-chain transaction volume in the last 24hrs among the most utilized blockchain asset.
Litecoin Technical Analysis
Looking at the technical indicators, LTC/USD is trading with a bullish bias on both short and medium-term timeframes. The Relative Strength Index (RSI) is presently headed towards the 70.00 mark, suggesting that the buying momentum is still intact and a further upside extension could be expected in the near term.
However, LTC/USD buyers need to remain vigilant as any downside movements could quickly trigger a bearish trend change. To the upside, LTC bulls can target the $70.00 and $75.00 resistance levels for upside momentum in the near term. On the downside, immediate support lies at the $60.00 level with further support at the 50-day Exponential Moving Average (EMA) around the $55.00 mark.
Litecoin is presently trading in a narrow range, with no significant upside or downside movements being seen at the moment. To validate an upside potential, LTC market volatility needs to be increased as the digital currency needs to break out of its current trading range.
On the 4-hour and hourly timeframes, LTC is trading in a bull flag pattern, which suggests that the price could soon break higher to confirm further bullishness. If buyers can move beyond the $70.00 and $75.00 resistance levels, then Litecoin could experience a powerful rally toward its highs of around the $140.00 mark in the coming weeks.
On the other hand, if the digital currency fails to break higher, it may move toward the $60.00 support level which could trigger a sell-off in LTC/USD and a possible bearish trend reversal.
In conclusion, Litecoin is presently trading with bullish sentiment as buyers are currently attempting to push the price above the recent highs of $80.00. The moving average lines are also indicating a strong bullish trend, however, volatility needs to be increased for any significant upside momentum to occur.
