Aims For $115.0 Amid Bullish Reversal Formation

LTC price edges higher extending the previous session’s gains. The price trades in a very tight range with limited price action. LTC price is hovering near the support zone from where a bounce back in the price is expected from the technical point of view.

• LTC price gains for the second day in a row on Thursday.
• The double bottom formation on the daily chart suggests a bounce back in the price toward $115.0.
• However, the downside remains intact below $95.0.

LTC price looks for an upside reversal

On the daily chart, the LTC price surged nearly 39% from the lows of $96.27 to the swing highs of $134.09. However, the bulls failed to carry forward the gains and retreated. The formation of ‘spinning top’, followed by a big red candlestick. LTC continued to trade on the downside since March 30. The selling further intensified as the price slipped below the critical 50-day ema (Exponential Moving Average) at $119.35.

LTC price tested the lows of $101.74, the levels last seen in February. Thus, forming a double bottom formation. Currently, the price is oscillating near the mentioned level after testing the lows of $97.74.

Now, a daily close above $104.0 would set the background for the next leg-up. A sustained buying momentum could push the price toward the horizontal resistance line at $110.0. Next, if the price manages to cross the 50-day ema at $112.0 investors could test the psychological $115.0 level.

On the contrary, a daily close below Tuesday’s low of $96.41 would invalidate the bullish outlook on the price. In that case, the price could test $78.0, the levels last seen in December.

As of publication time, LTC/USD trades at $102.16, up 1.51% for the day.

Technical indicators:

RSI: The relative strength index gives bullish divergence on the daily chart since April 11.

MACD: The moving average convergence divergence trades below the midline with a neutral bias.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.