Bitcoin
$23,785.14
+665.88
(+2.88%)
Ethereum
$1,645.86
+60.78
(+3.83%)
Ripple
$0.42
0
(+1.1%)
Litecoin
$94.79
+0.43
(+0.46%)
EOS
$1.12
+0.02
(+2.01%)
Cardano
$0.40
+0.01
(+3.79%)
Stellar
$0.09
0
(+1.35%)
NEO
$8.43
+0.13
(+1.59%)
NEM
$0.04
-0
(-0.23%)
DigitalCash
$56.90
+1.95
(+3.55%)
Tether
$1.00
0
(0%)
Binance Coin
$317.55
+9.8
(+3.18%)
QTUM
$2.76
+0.11
(+3.96%)
Verge
$0.00
0
(+3.01%)
Ontology
$0.22
+0.01
(+3.02%)
ZCash
$47.23
+1.05
(+2.27%)
Steem
$0.20
0
(+2.21%)

3 Reasons Why Buying Litecoin Could Boost Your Portfolio In Early 2023 

0


litecoin

Published 48 mins ago

The Litecoin price has been rising for three consecutive weeks and is gradually approaching the $80 resistance. Under the influence of the cup and handle pattern, the coin price breached this monthly barrier which may offer a strong launchpad to buyers and continue the bullish recovery. 

litecoinSource- Tradingview

Litecoin Price Forms A Bullish Reversal Pattern

The Litecoin price shows the formation of a cup and handle pattern in the weekly time frame chart. This pattern resembles itself as shaped a normal teacup, but it is one of the most common bullish reversal patterns observed at market bottoms.

In theory, the U-shaped recovery during the formation indicates the buyer gradually taking trend control and carrying a sustained recovery. Moreover, this pattern has a key resistance level whose breakout would intensify the buying and provide an entry opportunity for investors. 

The Litecoin chart shows this resistance at $80, and in the ideal condition, it should drive a bullish rally to the $110 mark.

Also read: Here’s How Much Your $1000 Investment In Litecoin Will Be Worth If LTC Reaches $100

The $0.478 Stand As Crucial Support

Amid the recent uncertainty in the crypto market, the litecoin price has been walking a sideway strength for the past two months. However, during this consolidation, the prices rebounded from the $47.8 mark several times, indicating the buyers were obtaining sufficient support from it.

This support zone has also bolstered the cup and handle pattern mentioned above.

Bullish Divergence In RSI Indicator

The Relative Strength Index (RSI) indicator reflects the underlying strength of the price trend by calculating the speed and magnitude of recent price action. Thus, despite the sideways trend in litecoin, the weekly RSI showing evident growth indicates the rising buying pressure in the market.

This bullish divergence increases the probability of an upcoming recovery rally.

Current Price Action

Over the last two weeks, the Litecoin price rebounded from local support of $63.75 and surged 18.5% high. The recent new year recovery assisted buyers with this growth and pushed it to its current price of $75.6.

Thus, with sustained buying, the LTC price may continue to rise and challenge the $80 neckline resistance of the cup and handle pattern.

  • Resistance Levels: $80 and $101
  • Support Levels: $63.7 and $47.8

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story



Read More: 3 Reasons Why Buying Litecoin Could Boost Your Portfolio In Early 2023 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 650

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 659

Deprecated: strripos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 659

Notice: Undefined variable: ub in /home/c83w5hz05vw6/public_html/searchcryptonews.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 674

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.