Litcoin Bull pressure increases, $84 coming? LFG!

MachiavelliTrader Updated   
BINANCE:LTCUSD.P   LTC Perpetual Futures Contract
Buyers of LTC are presently encountering robust resistance around the $76 range. The upward pressure from consistently maintained higher lows is evident, suggesting bullish momentum. However, it would be prudent to anticipate a potential pullback once the price hits $78 and reacts to the minor resistance. Despite the likelihood of a reaction, there is a probability exceeding 60% that the bulls could persist and drive the price to the range of $82 to $84.
#LTC bulls successfully surpassed the $76 mark, reaching $76.79. The subsequent retest of this previously breached resistance has provided buyers with a more robust foundation, enhancing their potential to reach the 78 to 84 range. Anticipate a response within the 78-84 range once the 78 resistance is breached.
LTC bulls have notably achieved a significant milestone by reaching the crucial 70 support level. This level not only represents a key support for the bulls but also aligns with the lower trendline of the current channel. This convergence provides the bulls with substantial strength, setting the stage for a potential move towards the 84 range. However, it's important to note that before reaching the 84 level, the bulls must navigate through the mini-resistance at 78.

Anticipate a potential reaction from the bears around the 78 price point as they may attempt to retaliate and pose a challenge for the bulls' upward momentum. Successfully clearing this mini-resistance will be a pivotal step for the bulls to continue their journey towards the 84 range. The interplay between the bulls and bears at these critical levels will likely determine the short-term trajectory of LTC's price movement.
Today, Litecoin (LTC) buyers orchestrated a noteworthy ascent, successfully breaching the longstanding $74 resistance range. The momentum exhibited suggests an imminent breakthrough of the next hurdles at $80 and $82, positioning LTC to realize our initial target of $84. However, the exciting prospect emerges that if buyer enthusiasm continues at its current pace, the path is paved for LTC to swiftly reach the $96 mark. In the grander scheme, this sets the stage for Litecoin's eventual ascent to the significant milestone of $100 to $104, an extension beyond the initial projections. The bullish trajectory appears promising, marking a compelling journey for LTC enthusiasts.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.