Litecoin transcends above the $100 mark, Will it hold further?

17.02.2023

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LTC chart shows bullish cues in the last sessions.

LTC price goes beyond the round level of $100, indicating bullishness on the chart. The bulls are holding their muscles. Moreover, with aid from the 50-day EMA, bulls bounced back, resulting in a getaway from the strong hurdle of $100. Furthermore, if the bulls leap further, the upside orbit is $115.

Whereas the rising wedge pattern is formed on the chart, giving adverse alerts, if the lower trendline breaks, a correction may be seen to the support mark at $90.

Daily Chart in Favour of Bulls

Source: TradingView

On the daily chart, LTC incises the round level of $100 after labouring for the past 10 months. The bears are tangled now and attempting to fling back the bulls. However, profit booking is pending after the range breakout, which may be seen in the near sessions.

At the time of writing, LTC is trading at $101.36 with an intraday gain of 5%. Moreover, the trading volume also increased by 23%.

LTC from the past six months squeezed in a narrow range with low buyer interest. LTC awarded its investors this year by busting the range and soaring toward $100.

Short Term Charts Shows Double Top Formation

Source: TradingView

On the 4-hour chart, LTC forms a double top pattern after breaking the hurdle of $100. Bears are aggressively trying to push the price to the support region. However, the bulls are maintaining the gains by tightening the grips. LTC is trading above the significant moving averages with a gradual increase in trading volume.

After transiting the foremost hurdle, LTC infers that the trend is bullish. Furthermore, after the breakout, the price retraced back and bounced from the 20-day EMA, giving positive reactions for the long journey onwards.

What Traditional Indicators Say?

Source: TradingView

RSI: The RSI curve is currently placed at 62, sinks from the overbought zone, and floats near the neutral zone. Moreover, the negative divergence shown on the RSI indicates that price retracement may be seen in the upcoming sessions.

MACD: The MACD indicator is on the brink of delivering a crossover in the near sessions. Moreover, the red lines are near the end, showing that the bulls hold the strength and sellers are exiting the positions.