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Cryptocurrency News Articles
Litecoin (LTC) Price Prediction 2023: Will LTC Surpass Its ATH?
Sep 28, 2024 at 12:30 pm
Litecoin [LTC] is up 12% in the last 30 days and up by 5% in the last seven days. At press time, LTC traded at $69 with an over 16% rise in trading volumes per CoinMarketCap.
Litecoin [LTC] has seen a significant rise in the past month, up by 12%, and 5% in the last seven days. At press time, LTC traded at $69 with an over 16% rise in trading volumes per CoinMarketCap.
After overcoming strong resistance at $67, Litecoin broke out of an ascending triangle pattern on the one-day chart. This breakout suggests strong bullish momentum.
The breakout has also been accompanied by a rise in buying pressure. The volume histogram bars, which are green, suggest that buyers have overwhelmed sellers, making the case for a sustained rally above this breakout zone.
The bullish momentum is gaining strength after the price broke above the 100-day Simple Moving Average (SMA). If this trend continues, the next target for LTC will be the 200-day SMA at $76.
Technical indicators flip bullish
The Moving Average Convergence Divergence (MACD) indicator strengthens the bullish case for Litecoin. The MACD histogram bars have flipped green, and are positive. This indicates that the current uptrend is strong.
The MACD line is also positive and moving above the signal line, which further confirms that bulls are in control.
A look at the Relative Strength Index (RSI) line at 63 shows that buyers have overwhelmed sellers. The RSI line has also made higher highs since August, showing rising interest in LTC.
If the selling activity remains subdued and buyers continue to drive the action, Litecoin could be poised for further gains.
According to exchange inflow data, since LTC broke above $66, there has been a notable decrease in exchange inflows, suggesting a lack of interest in selling and confidence in the rally.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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