Litecoin (LTC) Bulls Are Holding Up Despite a Broader Market Downtrend
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- LTC remains bullish despite broader market weakness.
- SRSI is overbought, but momentum remains positive.
- $80 is the near-term target, with $100 possible longer term.
Upside forces remain strongly dominant in the Litecoin market. It is even more surprising that the market has experienced only a minimal correction despite the strong broad-market bearish trend that occurred recently. Let’s further examine the potential path of this token below.
LTCUSDT 24-Hour Chart
On the price chart, price action has remained very bullish today. This is reflected in the current session’s price candle. The latest price candle has also pushed the token above a price level last traded in January.
Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are in the overbought region. The terminal part of these indicator lines is also approaching another bullish crossover within that region.
LTC Bulls Are Strong Yet Vulnerable
The Litecoin market on the daily chart presents two different characteristics. This may leave traders in a dilemma when considering whether to join the trend at this point. The ongoing session remains well supported above the 9-day EMA curve.
Similarly, the SRSI indicator lines remain in the overbought region. The formation of the indicator lines also suggests that another bullish crossover may be developing. This further indicates that upside forces could persist for a while longer.
Litecoin Eyes the $80 Mark
Although upside forces remain quite strong in the ongoing session, there are indications of potential exhaustion. The upcoming bullish crossover is forming near the 100 level of the indicator.
As such, this leaves price action with only limited room to advance, even if a move toward the 100 level occurs before the bulls become significantly exhausted. Therefore, $80 appears to be a reasonable target, although higher targets around the $100 price level may be considered over the longer term.
