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LTC USD Poised For 100% Price Increase?


Redator

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LTC USD is showing promising signs for potential extension to the upside. Miners and investors are eager to see it happen, but will their dreams come true?

Traders are standing in anticipation, and some have already taken their positions as Litecoin Litecoin 11.20% Litecoin Litecoin LTC Price $129.31 11.20% /24h Volume in 24h $2.19B Price 7d shows new signs of strength.

What are the possibilities for a 100% price increase?

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The LTC/USD pair on Galaxy’s chart appears to have been consolidating for approximately 5-6 years. Although the range is very broad, the price indeed appears to be range-bound. The moves over the past week look promising.

So let’s dig in!

LTC USD Looking For 100% Price Increase, Or Major Rejection?

LTC-1W-scaled.png

(Source –Tradingview, LTCUSD)

Let us begin today’s analysis with the higher-timeframe weekly chart. Seeing all the way back to the 2021 bull run, a clear range can be identified between $55 and $140. As mentioned above, huge volatility.

What is important for traders to see here is that the price is trading above all Moving Averages and closing in on the resistance level. A break of $140 can easily shoot the price to 2021 highs in just a few weeks. RSI has plenty of room to grow.

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LTC USD going on a run? Discover key insight from technical analysis, exploring key levels and current market trend.

(Source – Tradingview, LTCUSD)

Our next chart for analysis is on the Daily timeframe. Another Higher timeframe that is good to keep an eye on.

RSI here is entering the oversold zone. Though, as we see on the July run, the price retraced a bit and then made a higher high with a weaker RSI. This preceded the sell-off in August and September. There is also a clear ascending channel since April. Price is above all MAs, and now we need to sit back and watch for a reaction.

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To Sit On My Hands, Or Not To Sit On My Hands?

LTC-4H-scaled.png

(Source – Tradingview, LTCUSD)

The forever question every trader should ask. And the answer is yes. Because for some, it might be time not to enter a position. For others, it’s time for action.

It all depends on the trading rules one abides by – they provide the answer. If you don’t have clearly defined trading rules, you can’t trade with clarity and good risk management.

That being said, on this Lower Timeframe, 4H chart, we see a strong impulse to the upside, after LTC USD reclaimed all Moving Averages. Accompanied by a surge in volume, it can mean that bulls are stepping in. An entry here with a stop below $100 makes 1R = $30.

Is it worth it? It depends – if the Take Profit target is $260, that is a 1:4.8 RR trade and is worth it. If the $140 level is broken, the price should easily run to $260 and beyond!

Measure your risk, decide on your entry, and protect your capital!

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LTC USD Poised For 100% Price Increase?

  • LTC USD is in an ascending channel since April, targeting resistance at $140.
  • RSI on 1W has room to grow, while on 1D and 4H it is rather high
  • Price is trading above all Moving Averages, suggesting bulls are strong now
  • A break of $140 resistance could trigger a fast 2x run

The post LTC USD Poised For 100% Price Increase? appeared first on 99Bitcoins.

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