Litecoin price analysis: LTC/USD ignites momentum towards $100

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  • Litecoin bulls intensify their grip in the market; all eyes set on $80 short-term resistance and $100 ultimate resistance.
  • Technically, the short-term analysis signals a bearish momentum.

If Litecoin continues with the current price action within the ascending channel, achieving $100 in the following week is almost a guarantee. At press time, LTC/USD is trading above the moving averages. Which suggests that buying influence is gaining traction. Moreover, the 50 Simple Moving Average (SMA) 1-hour has crossed above the 100 SMA 1-hour to show buyers have the upper hand.

Technically, the short-term analysis signals a bearish momentum. The Moving Average Convergence Divergence (MACD) is heading is still holding ground in the positive area. However, the negative divergence points towards increasing selling activity.

Read also: BoE’s Mark Carney: Digital currency “could dampen the domineering influence of the U.S. dollar”

On the upside, the 21 Exponential Moving Average (EMA) is standing in the way of upward correction at $74.63. If the buyers manage to clear the resistance, there is a higher chance that LTC will trend towards $80 in this weekend session.

The immediate support is seen at $74 (moving average double-cross). In the event, a reversal occurs and the channel support is broken, bulls can anticipate support at $73, and $70 respectively.

LTC/USD 1-hour chart

 

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