Litecoin Rises as Its Bullish Ascent Is Stuck at $89

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Key Highlights
Litecoin resumes uptrend
LTC price is trapped between the moving average lines

Litecoin (LTC) Current Statistics
Market Capitalization: $7,460,823,746
Trading Volume: $744,456,260
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis May 16, 2023
Litecoin (LTC) price has increased after breaking above the 21-day SMA but its bullish ascent is stuck at $89. Litecoin is circling the moving average lines. Following the price decline on May 8, the bearish trend has weakened. The cryptocurrency hit a low of $75 before starting to rise again. At the time of writing, LTC is currently trading for $87.61. Breaking the moving average lines will indicate whether the movement is upward or downward. Despite breaching the 21-day SMA today, the price of the cryptocurrency is currently heading in the direction of the 50-day SMA. If LTC breaks over the 50-day SMA, the bullish trend will resume to the upside. The cryptocurrency will rise to its previous top of $103 at that time. Litecoin will fluctuate between the moving average lines if it fails to break above the 50-day SMA.

Litecoin (LTC) Technical Indicators Reading
On the Relative Strength Index for Period 14, the altcoin has risen to level 53. The price of LTC is in a bullish trend zone and may continue to increase. The price of LTC is currently wedged between the moving average lines, pointing to a potential sideways movement. It has now climbed to the overbought area of the market. It is above the daily Stochastic level of 80. Bullish exhaustion has been reached in the current rally.

Conclusion
Litecoin is in an upward trend, but its bullish ascent is stuck at $89. This suggests that the coin’s chances of moving higher are slim. Second, the price of LTC is constrained by the moving average lines. The rise is therefore constrained below the 50-day SMA. LTC’s price will eventually drop or return to a range-bound movement.

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