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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Litecoin Comeback: Bullish Reversal Sets The Stage For $76.85 Target

Godspower Owie
Godspower Owie
11 months ago
3 mins read
Litecoin

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Created by industry experts and meticulously reviewed
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Litecoin (LTC) is making a strong comeback as a bullish reversal takes place, setting the stage for a potential move toward the $76.85 target. After bouncing off a critical support level, Litecoin has regained upward momentum, signaling renewed optimism among market traders. Key technical indicators now point to further gains, with $76.85 emerging as the next significant resistance level. 

As the market responds to this bullish shift, this article will delve into Litecoin’s bullish reversal and assess the significance of the $76.85 target and its implications for future price action.

Litecoin has increased by 2%, trading around $65.37 in the last 24 hours. Its market capitalization has exceeded $4.8 billion, with a trading volume surpassing $410 million at the time of writing. Litecoin’s market cap has grown by 2%, while its trading volume has surged 42.12%.

Analyzing Litecoin’s Bullish Reversal To $76.85

Litecoin’s price on the 4-hour chart is bullish, having crossed above the 100-day Simple Moving Average (SMA) as it approaches the $76.85 level. The digital asset has experienced a significant price increase since rebounding from the $50 support level, signaling a strong rise in positive momentum that could drive further gains.

Litecoin
Litecoin maintains rally after rebound at $50 | Source: LTCUSDT on tradingview.com

Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently trending around 63%, suggesting that the bulls are still in control and could drive the price higher.

On the 1-day chart, although Litecoin is still trading below the 100-day SMA, it demonstrates upbeat resilience, steadily advancing toward the 100-day SMA and the $76.85 level, with multiple bullish momentum candlesticks forming. This suggests active bullish momentum for the cryptocurrency.

Litecoin
Litecoin bullish momentum aimed at $76 | Source: LTCUSDT on Tradingview.com

Finally, on the 1-day chart, the RSI indicator indicates a rising positive momentum for the cryptocurrency. The RSI signal line has moved out of the overbought zone and is currently attempting a move above 50%.

Conclusion: Is Litecoin Poised For A Breakout Beyond $76.85?

Recent trading indicates that Litecoin, with its strong bullish momentum, could reach the $76.85 level. If the cryptocurrency reaches and surpasses this resistance, it may trigger further positive moves toward the next resistance at $89.74. If this level is breached, it may lead to further price gain toward the $105.9 resistance level and beyond.

Conversely, if bearish pressure prevails and Litecoin fails to break through the $76.85 resistance, the price could decline toward the $57.41 support. A drop below this level may lead to a further decline to test the $50 support, with additional downward movement possible if this range is breached.

Litecoin
LTC trading at $65 on the 1D chart | Source: LTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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