The Litecoin course is gaining momentum

The price of the crypto veteran Litecoin (LTC) has recovered noticeably since falling back into the important support zone around 65.00 US dollars. Around four months before the upcoming halving date of the Proof-of-Work (POW) coin in July, the LTC price is currently trading at around USD 90.00, only 15 percentage points below its annual high of February 16th. According to a new study, the altcoin, which is very popular with online shoppers, is currently benefiting from the weakness of the US dollar. Due to the breakout above the EMA50 (orange) and the super trend, Litecoin seems to be starting again towards its high from the previous month.

Course analysis based on the pair of values LTC/USD on Binance

Litecoin: Bullish price targets for the coming months

  • Bullish price targets: $91.42, $98.28, $107.08, $115.05, $133.67/$140.48, $153.93, $167.17

The Litecoin course shows its bullish side again after a significant course correction up to the old breakout level in the area of ​​the turquoise support zone. Today, Thursday, March 23, the LTC price recaptured the supertrend at $88.29 on the daily chart and subsequently attacked the next level of resistance at $93.64.

If a breakout of this resist is successful, the focus will be on the last historical high at $98.28. If the LTC price overcomes this price level, a march through to the orange resistance zone between 102.52 US dollars and 107.18 US dollars is to be planned. Here you can find the old trailing edge from May 2022. The LTC price failed several times in this zone in the previous month. However, once this level is breached, another bounce towards the horizontal resistance level at $115.05 is to be expected.

At this resist, the LTC course should initially take a breather. As soon as this area can also be overcome dynamically, the next target area between USD 133.67 and USD 140.48 will be activated. In addition to several intermediate highs from the spring of the last trading year, the higher-level 38 Fibonacci retracement also runs here. Litecoin would have worked through its maximum price target for the coming months.

It remains questionable whether the bulls, despite significant profit-taking in this zone, can continue to keep the pressure on and take the LTC price to the high for the year from 2022 at USD 153.93 before the targeted halving date. If, contrary to expectations, the previous year’s high is broken, the long-term price target for Litecoin at USD 167.14 would also be within reach.

Litecoin: Bearish price targets for the coming months

Bearish price targets: $88.29, $85.00, $80.31/77.97, $68.89, $66.10/63.19, $61.04, $57.73/55.50, $50.72 $47.21, $43.51/39.39, $35.62, $29.18, $25.52/23.16

The bears have recently handed the scepter back to the bulls since falling back into the turquoise support zone. The task now is to cap the price below the February high. Only if the daily close is below USD 85 again can the bears regain hope. Then the blue support area between $80.31 and $77.97 will come into focus again. The EMA200 (blue) runs here.

If Litecoin falls below this support zone at the daily closing price, a retest of the horizontal support at USD 68.89 should be planned. Here the supertrend now also acts as price support. If this support is also broken, the light blue zone between $66.10 and $63.19 will come into focus again. The buyer side should be there again. The upward trend would only be broken if Litecoin gave up this area at the end of the day and subsequently undercut the interim low of USD 61.04.

A pullback towards the green support zone between $57.73 and $55.50 must then be planned for. The likelihood of a retest of $50.72 would become increasingly likely. If the buyers remain abstinent here, Litecoin could even correct up to the maximum price target of 47.21 US dollars.

Looking at the indicators

The RSI is currently breaking out of the neutral zone between 45 and 55 to the north and has thus generated a fresh buy-signal. The MACD indicator also shows a slight long signal, but is still trading below the significant 0 line. In the weekly chart, the RSI is currently also generating a fresh buy signal, which still has to be confirmed by the end of the week. A sell signal in the MACD was also negated by the price recovery of the last few trading days. From an indicator point of view, the way is clear for higher prices for Litecoin.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.92.

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