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Litecoin price analysis: LTC/USD bullish frenzy is unstoppable

  • Litecoin hit a turning point, breaks the post halving downtrend while focusing on the return to $100.
  • Technical indicators including the RSI and Elliot Wave Oscillator suggest Litecoin will stay in the bullish face a while longer.

Litecoin like other major altcoins has been performing relatively well since the beginning of the week. The bullish action continued on Wednesday with Litecoin rising to an intraday high of $76.2644. Buyers are working hard to hold onto the 2.55% gains on the day. However, the price has adjusted to the current market at $76.

Following the reward halving event, Litecoin plunged from levels around $100 and refreshed the support at $62. The struggle to reverse the trend finally got a breakthrough on LTC correction above the simple moving averages in the one-hour timeframe. A confluence formed by the 23.6% Fib retracement level taken between the last swing high of $77.93 to a swing low of $67.43, the 50 SMA and the 100 SMA saved LTC from a potential plunge on Monday.

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Litecoin later stepped above the 61.8% Fib level and even extended the action towards $80. However, the resistance at $78 is yet to be tested. The relative strength index (RSI) is gradually slopping upwards after finding balance at 55. This coupled with the bullish session displayed by Elliot Wave Oscillator suggests that the buyers will remain in control in the coming sessions. Besides, buyers have eyes on $100 in the near-term.

LTC/USD 1-hour chart

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