Litecoin Price Hints Bullish Reversal! Will LTC Price Retest Its Upper Level Soon?

The post Litecoin Price Hints Bullish Reversal! Will LTC Price Retest Its Upper Level Soon? appeared first on Coinpedia Fintech News

After trading in a bearish pattern for a brief period, the Litecoin price has displayed a significant jump in the chart, indicating a possibility of a bullish reversal in the market. Moreover, the LTC coin has added over 5% within the past day, making it one of the top gainers of the day.

The LTC price traded in a closed range between $71.76 and $74.44 for about a week, following which the bulls broke out of the resistance level. The rally was short-lived as the price faced restriction at $77.29, after which the price traded sideways for a while.

TradingView: LTC/USDT

After multiple failed attempts to break out of the resistance level, the bulls lost momentum and experienced a pullback within the range, where it traded sideways for a while. As the market lost momentum, Litcoin recorded a correction of approximately 15% in valuation.

Following this, the Litecoin price traded sideways between $63.37 and $66.11 for about a week. As the market regained momentum, the LTC price jumped approximately 22% in valuation.

After facing rejection, the price has been constantly trading in a consolidated range between $68.01 and $71.76. Currently, the Litcoin price is testing a breakout at its resistance level of $71.76, of which the outcome is uncertain.

Will LTC Price Hit $75 Soon?

The Relative Strength Index (RSI) displays a bearish convergence, suggesting an increased selling-over-buying pressure in the market. Further, the averages show a rising pattern, highlighting a mixed sentiment in the crypto space.

If the market holds the price above the support level of $71.76, the LTC price will test its resistance level of $74.44 soon. Maintaining the price at that level will set the stage for Litecoin to attempt to test its upper resistance level of $77.29 in the coming time.

Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $68.01. Moreover, if the market continues to trade under a bearish influence, the Litecoin price will prepare to test its lower support level of $66.11 during the week ahead.