Following A Bullish Breakout, Analysts Expect A Strong Momentum For LTC To $97.73

The trading price of Litecoin (LTC) has been moving in positive momentum for a while. The data shows that the trading price of the asset moved over the $95.00 mark during today’s session.

At the time of writing, LTC’s trading price is at $95.73. It is a good sign for the bulls that the trading price of the asset has been moving in the upward zone.

Prior to the price surge, a downtrend could be witnessed with the trading price of the asset. It was just a few hours ago when the asset was facing a downtrend.

The bears Tried to pull but the Bulls Pushed Harder

The price of the asset had recorded a major downtrend, which ended up bringing its trading price down to $93.05.

The bears did try making an effort to pull LTC’s price lower and take it down to the lowest level. However, things worked out in favor of the bulls as they were in high confidence.

They had high and strong sentiments that resulted in pushing the trading price of the asset all the way up to $95.73.

They were able to propel the trading price of the asset with strong buying and acquisition of the asset. Since then, the price of LTC has been hovering in the bullish zone, experiencing positive momentum.

LTC Faces Resistance at $97.73

For now, the LTC price analysis shows that the bulls are stronger and they have strong sentiments toward the asset. They are biased and may attempt to push LTC’s price higher.

Whether it is the highs or the lows, they are all hovering in the bullish zone at the moment. This is a wonderful sight for the bulls as well as the investors.

They will gain the opportunity to invest in the asset and become part of the strong rally. This would eventually cause the trading price of the asset to be pushed higher and in a positive direction.

For now, the asset is trading in a particular supply zone. According to the analysis data, the price of the asset seems to be hovering between $97.73 and $93.05.

This means that the next target for the bulls is to push LTC up to $97.73 and pump the asset beyond this level. There is a high possibility that if the bulls push LTC beyond this level, strong selling may get triggered.

For now, things are looking to be very promising for the asset. The trading price of LTC has surged even in the past 24-hours.

The data shows that in the past 24-hours, the trading price of the asset has surged by 1.22%.

Moving Averages and RSI

The moving averages for the asset are currently in the bullish zone. They are also moving higher just like the trend, which is another positive sign for investors.

So far, LTC has moved past the 50 MA and the 14 SMA and it is currently sitting above them. Even the 200 MA, 100 MA, and 50 MA are all in a positive alignment. They are all following the positive trend.

The relative strength index for LTC is also moving in the bullish zone and if the trend continues, then the RSI may move higher. It may successfully hit the ceiling level at 70 and once that is hit, another stronger rally would be formed.

This could eventually push the trading price of the asset to higher levels.

As the RSI moves closer to the 75 ceilings, it will approach the ‘overbought’ zone. If that happens, then there would be a high chance of the trading price of the asset facing a strong selling.

The trading price of the asset may start moving downward as a result of strong selling. As the investors keep on selling the asset, the trading price of LTC may get pulled down to a low of $93.05.