In the crypto money market, the damage of the bear market continues to be overcome.
With the arrival of 2023, the values of cryptocurrencies are rising. Litecoin, one of the most popular altcoins, continued to rise and approached the $100 limit.
Litecoin Technical Analysis
When we look at the Litecoin price, we see that the parity continues to trade from the $ 96 region. Although the bears were in control of the market for most of the past week, the price failed to push the $95.65 support level down, leading to a strong rally.
Litecoin daily chartLTC/USD has been trading in the $96.88 to $96.91 range for most of the past week. It is currently trading near the upper end of this range.
1-day Litecoin price analysis shows that LTC/USD has been trading in an ascending wedge pattern since early yesterday. Support for the LTC/USD pair is currently at $95.65, the April 10 low. The resistance of this pair has risen to the $98.25 level, which has been tested several times over the past week. If this resistance can be broken, $98.54 will be a likely target for the bulls in the short term.
The MACD line is hovering above the signal line, which indicates that the bulls are in control of the market momentum. The RSI on the 24-hour price chart is currently near the 60 level, which indicates that the market is in the overbought zone. Additionally, the bulls are in control of the market as the Bollinger Bands move above the candlesticks.
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