https://ift.tt/OtRXB6q prices touch the $110 mark, bullish rally incoming?

TL;DR Breakdown

• Litecoin price analysis shows a surge in prices
• LTC prices are currently retesting the previous resistance of $110
• Litecoin prices have set significant support at the $105.70 level

Litecoin price analysis reveals that LTC prices kicked off the day trading at $107.62 and have since surged to $110.91 at the time of writing. However, the coin has found difficulty in breaching the $110 level which it had broken out of a few days ago. Litecoin prices are presently retesting this resistance as buyers look to increase their long positions on the cryptocurrency. The buyers seem to be very active as they have bought the Litecoin prices from the $105.70 support level three times in the past 24-hours and are looking up to setting the prices above the $111 mark.

The price movement upwards for the cryptocurrency LTC is currently being restricted by the $112 resistance, with bulls looking to retake the level. The prices have been moving between $105.70 to $112.14, with a major focus on the $110 level, as it has been repeatedly tested in the past few days. If prices can move beyond this level, we can expect Litecoin to resume its uptrend and aim for the $115 and $118 levels, which are the next major resistance on the charts.

Litecoin price action on a 1-day price chart: Bulls face rejection at $112 resistance

The Litecoin prices are presently trading at $110.90 and have formed higher highs and higher lows in the 1-day timeframe, indicating a bullish market sentiment in the near term. The moving averages have also provided a bullish crossover as the 50-day SMA has moved above the 200-day SMA, which is a strong bullish indicator. The RSI indicator is presently trading in the overbought zone, and if the prices continue to surge higher, we can expect the indicator to move into the extreme Overbought territory, which might be followed by a sell-off in prices.

The MACD indicator is indicating a bullish trend as the MACD line is trading above the signal line. The Litecoin prices might see a bearish correction if the prices move below the $105.70 support level in the near term as this will invalidate the bullish market sentiment. Litecoin price analysis reveals that LTC prices are currently trading at a critical juncture as it tests the previous resistance of $110. If the prices can close above this level, we can expect a bullish rally in prices with the next target being set at $115.

Litecoin price action on a 4-hour price chart: Latest developments and further technical indications

Litecoin price analysis on the 4-hour price chart is presenting a similar story as the 1-day timeframe, with a few key differences. The Litecoin prices have formed higher highs but the lows have not been as high as the previous ones, which is indicative of a bearish divergence pattern forming on the chart. The RSI indicator is also trading in the overbought territory and might see a bearish correction if the prices move below the $105.70 support level.

The MACD indicator also indicates a bullish trend as the MACD line is trading above the signal line. The Litecoin prices might see a bearish correction if the prices move below the $105.70 support level in the near term as this will invalidate the bullish market sentiment. Litecoin price analysis reveals that LTC prices show an increase in the trading volume which currently sits at $746,859,208.59 as the digital asset ranks position 21 on CoinMarketCap’s list of largest cryptocurrencies by market capitalization.

Litecoin price analysis conclusion

Concluding on the Litecoin price analysis, we can see that the digital asset is currently testing a crucial resistance level at $112. If the prices can move beyond this level, we can expect a bullish surge in prices with the next target being set at $115. The current bullish trend is expected to prevail if the buyers can maintain the prices above the $105.70 support level in the near term. The current positive market sentiment may be attributed to the overall surge in cryptocurrencies as Bitcoin, Ethereum, and Ripple have all seen significant gains in the past few days.

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