Litecoin Upswing Continues as It Approaches the $86 Mark

Key Highlights
LTC price breaks out of the current range
LTC/USD is in an uptrend

Litecoin (LTC) Current Statistics
The current price: $74.41
Market Capitalization: $6,251,239,360
Trading Volume: $306,115,115
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis November 9, 2023
The price of Litecoin (LTC) has made a succession of higher highs and higher lows as it approaches the $86 mark. The uptrend started on October 19, with a low of $59. Litecoin is now trading at $74 at the time of writing.

Price movement has been delayed due to the existence of Doji candlesticks. Nonetheless, the price prognosis remains unchanged, with the altcoin reaching a high of $86. However, before reaching the new price level, LTC/USD will encounter some resistance near $85.

On November 6, the bulls broke and retested the $72 resistance level before resuming their upward trend. Previously, the altcoin’s price ranged between $60 and $72.

Litecoin (LTC) Technical Indicators Reading
The price of Litecoin has been slowly rising as the price bars remain above the 21-day SMA. The 21-day SMA provides support on the 4-hour chart as Litecoin rebounds to restart its rise. If the bears break below the 21-day SMA support, the uptrend will be disrupted or ended.

The 21-day and 50-day SMAs are rising, with the 21-day SMA acting as a support line.


Conclusion
Litecoin has restored a positive trend after two months of range-bound movement as it approaches the $86 mark. Nonetheless, due to the presence of Doji candlesticks, the present rally has been quite gradual. The present upswing is continuing, with the price reaching a high of $74.

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