Litecoin price is ripe for a 40% jump – technical analysis

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Litecoin Prices made a strong recovery after strong US consumer inflation data. LTC/USD reached a high of 97.56, which is the highest point since February 9. It has bounced almost 10% from its lowest point this week and is closing on the psychological point at $100.

Litecoin Price Prediction

Turning to the daily chart, we see that LTC price has been in a strong bullish trend since hitting a low of $44 last June. It has outperformed most cryptocurrencies including bitcoin, ethereum and bitcoin cash.

A closer look at the chart reveals that the coin has formed a bullish bottom pattern. This pattern is very similar to the cup and handle and is a sign of bullish continuation. It has also moved slightly above the 50-day and 200-day moving averages.

Notably, this key resistance level has moved slightly above $92, which is the higher side of the cup and handle pattern. It has also formed a break and retest pattern. Oscillators such as the Relative Strength Index (RSI) and MACD are continuing to move higher.

Therefore, Litecoin is likely to continue higher as buyers target the key resistance point at $134. This is a remarkable level as it was the highest point on March 30 last year. This is also about 40 per cent above the current level.

LTC Price Prediction (4H Chart)

On the 4H chart, we see that LTC crypto price has bounced back after falling to a low of $88.40. It is approaching the bottom of the ascending channel which is shown in black. The coin has moved above the 50-period moving average while the histogram of the MACD has moved above the neutral point.

Therefore, Litecoin price is likely to continue rising as buyers target the key $100 level. A move above that level would indicate that there are still more buyers left in the market. If this happens, the next important level to watch will be at $105, the upper part of the channel.

However, this rally could turn out to be a break-and-retest pattern. If this is the case, then the bearish trend in the coin could resume in the coming days. Therefore, the buyers initially need to move above the lower side of the channel.

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