LTC/USD has gained 1.68% in the last 24 hours of trading, as the cryptocurrency bounces from a resistance level of $120.66 to $127.92.
When the red-line of the 9-day MA crosses above the green-line of the 21-day MA, Litecoin may move higher. The technical indicator which is the Relative Strength Index (14) has moved above the 50-level. This indicates that the trend is shifting around in favor of bulls.
Here Are The Key Levels of the LTC/USD Market
While Litecoin has seen a sudden spike which is great, the levels that define the effectiveness of the LTC/USD market are as follows:
Resistance levels: $160, $170, $180
Support levels: $75, $65, $55
The Litecoin Price Prediction To Reach $130 Levels
The Litecoin price is expected to rise above $130. It is possible if the buyers keep the price above the 9-day and 21-day moving averages. On the contrary, traders may consider the market as bearish if the sellers take the market movement to the lower side, as confirmed by the Inside Bitcoins.
To the upside, the initial resistance level is at $140, with $160, $170, and $180 as possible resistance levels. Traders can also expect support at $75, 65, and $55 if sellers push the price below the channel’s lower border.
The Reason Behind The Massive Boost In LTC Prices
The Litecoin Foundation, the organization behind Litecoin (LTC), has finally released its much-anticipated Mimblewimble (MWEB) upgrade to improve the anonymity of blockchain transactions. According to the foundation, it will be included in the Litecoin Core 0.21.2 release candidate.
Capital.com shared this news about Litecoin, which is one of the reasons behind the price rise in 2022. It has climbed 5% to $112.59 today (4 February), although it is still 26% behind its 2022 high point.
The LTC BTC Chart On Prices
LTC is trading within the 9-day and 21-day moving averages compared to Bitcoin. The price of Litecoin is expected to rise above the 21-day moving average. Also, the nearest resistance level is expected around 3200 SAT. Higher resistance is found at on or above 3400 SAT. On the other hand, lower support might be found below 2500 SAT and below if the selling pressure establishes a new bottom.
