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- Litecoin is able to perform positive for the past two days after hitting the critical support level of $ 65.00 on the downside
- Price levels seek a positive and sustainable breakout above the crucial $ 80 threshold
- The LTC / BTC pair was also positive with an overall gain of 2.85% bringing the current level to 0.00427093 BTC
Litecoin’s weekly price trend chart highlights the test of significant resistance positioned at $ 90.00 which has gone negatively as price levels have experienced strong negative reversals and have reached the critical support level of $ 65 , 00 downwards. The support level has helped the coin revive its positive momentum and in the current market session, it is looking for a positive breakout above $ 80.00. The CMP is positioned at $ 79.21 with an overall gain of 7.33%, resulting in a 0.06% market cap skew and 24-hour trading volume to decrease -0.26.
Technical levels supporting LTC bulls for breakouts above $ 80
Litecoin’s technical chart highlights the attempt made by price levels to test the increased resistance placed at $ 90.00 which went unfavorable for the coin as it faced massive negative reversals in subsequent trading sessions and dropped to the critical lower level around $ 65.00. The price acted as support and helped the digital asset to re-launch its positive momentum which has been maintained in the current market session, also resulting in a potential scenario for a positive breakout above $ 80.00.
The price candles have already given a positive breakout above the 0.382fib level and are looking to build sustainability above the region.
On the moving averages, EMA-10 has already given a sustainable positive crossover against EMA-20 and looks for a break above EMA-50, which is a strong positive signal for price levels. However, if the bears come back as price levels have another resting for $ 90.00 in the next trading sessions, the EMA-50 could act as a support line.
The moving average convergence and divergence (MACD) after giving a bullish crossover provides significant positive momentum at price levels and is currently showing no signs of retracement.
The Relative Strength Index (RSI) is also moving positively after hitting the oversold region and strongly targeting the overbought territory with the current level of 55.44.
The Directional Movement Index (DMI) also shows the bullish nature as ADX (26.60) moves well above + DI (22.67) and -DI (16.40).
Can Litecoin take another resistance test at $ 90?
The current positive move has not only pushed Litecoin’s price levels up, it has created joy for most altcoins. If overall market sentiments continue to remain positive, we could expect LTC to make another attempt to retest the aforementioned resistance point. As of now, a positive breakout above $ 80.00 is examining a possible scenario for the digital asset.
Resistance level: $ 90.00
Support level: $ 65.00 and $ 60.00
