The $48 Baseline Holds in the Litecoin (LTC) Market
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
- LTC is trending upward, holding above its 9-day EMA.
- SRSI shows bullish momentum with room to grow.
- Next targets: $60, with $70 possible for bigger gains.
The Litecoin market seems to be bouncing back from its recent slump. To that effect, the token’s blockchain The token’s blockchain serves as a point where decentralized innovations meet corporate strategies. The token has been demonstrating some remarkable upward movements, with plans already in the works.
Source: TradingView
Litecoin 24-Hour Market Chart
On a daily chart, price action in the LTC/USDT market has been on an upward trajectory since three sessions ago. Today’s session has likewise picked up a bullish stance, with the corresponding price candle appearing solid green.
As such, the token is trading above the 9-day Exponential Moving Average (EMA) curve, while the lines of the Stochastic Relative Strength Index have just delivered an upward crossover off the 20 level of the indicator.
LTC/USDT Bullish Signals Are Aligning
From the available technical indications, the Litecoin market may see a notable price increase. The last price candle on the analyzed chart portrays that upside momentum is significant. Also, the fact that trading stays above the 9-day EMA curve implies that upside forces are in the lead.
Lines of the Stochastic Relative Strength Index (SRSI) indicator are still below the 40 mark but have an upward bearing. As such, this suggests that upside forces have notable room to grow, which will potentially result in a significant price increase.
Litecoin Is Set to Approach the $60 Level
Based on the technical standing, upside forces have the opportunity to push the market higher. Price action has come under formidable upward momentum.
The SRSI indicator lines are below even the 30 mark and thus offer huge grounds for upside forces to grow, should they stay consistent. Consequently, aiming at the $60 price level seems quite near. However, traders may be a bit more ambitious by aiming at the $70 mark for bigger gains.
