Litecoin Rebounds as Buyers Target the $85 High

Updated:

Key Highlights
Litecoin surges ahead
The crypto trades in the bullish trend zone

Litecoin (LTC) Current Statistics
The current price: $63.13
Market Capitalization: $5,294,455,615
Trading Volume: $740,028,938
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis July 28, 2022
Litecoin’s (LTC) price has rebounded above the moving average lines as buyers target the $85 high. The current price level is retesting the previous resistance level of June 1. On the upside, the market will rise to the high of $85 if the bulls break above the resistance at $64. However, a further upward move is doubtful as the market reaches the overbought region. The cryptocurrency will be out of a downward correction if the bulls keep the price above the $73 high.

Litecoin Rebounds as Buyers Target the $85 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 63 of the Relative Strength for period 14. It indicates that the altcoin is in the bullish trend zone and capable of a further upward move. The crypto’s price is above the 50-day line SMA and the 21-day line SMA indicating a possible rise of the coin. The cryptocurrency is above 80% area of the daily stochastic. Litecoin is in a bullish momentum but has reached the overbought region of the market. Sellers may emerge to push prices down.


Conclusion
Litecoin trades in the bullish trend zone as buyers target the $85 high. The cryptocurrency has recovered from the previous downtrend after falling to the low of $48. The current uptrend may continue as long as the price bars are above the moving average lines.

Litecoin Rebounds as Buyers Target the $85 High
LTC/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.