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October 2, 2022
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Litecoin price analysis: bulls in charge of LTC

This month Litecoin achieved a price increase not seen since August 2019

The LTC / USD pair is seen maintaining an upward movement according to the daily chart. Litecoin is now trading near the upper limit of the channel, where the currency gains more than 11.40%. The LTC bulls burst after falling to a low of $ 105, but the price action quickly recovered as it remains high in tight conditions.

LTC / USD – Daily chart

What is the next direction for Litecoin?

Looking at the daily chart, Litecoin bulls are now dominating the market. In addition, if the bulls can put more effort and push the market above the upper limit of the channel, the market price could reach resistance levels of $ 135, $ ​​140 and $ 145, respectively. In addition, more bullish moves above these resistance levels may encourage more purchases.

Meanwhile, a break below the 9- and 21-day moving averages could cause an even deeper drop towards the support levels of $ 95, $ 90 and $ 85. In the meantime, looking at the technical indicator RSI (14), Litecoin may show signs of following an upward trend as the signal line moves towards level 80 within the overbought zone, which may cause the market to remain stable at the top.

Against Bitcoin, the LTC price is making an attempt to cross the upper limit of the channel to reach resistance at 5300 SAT. Therefore, if buyers are unable to push the market upwards, there may be no reason to expect a long-term bullish reversal.

Litecoin price analysis: bulls in charge of LTC 22

LTC / BTC – Daily chart

However, trading below moving averages may update another low below 4400 SAT. A possible bearish continuation may likely find the main support at 4300 SAT before dropping to 4200 SAT, while buyers can push the currency towards potential resistance at 5500 SAT.

Source: Inside Bitcoins

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