Litecoin (LTC) Contemplates Recovery to $80 – Price Analysis

  • Litecoin prices attempt to keep horizontal trends away.
  • More than a 2% increase within the past day pushed LTC towards $73.
  • Buyers would try to consolidate and accumulate momentum to trigger upswings to $80.

Litecoin price analysis revealed continued bearish tendencies, though with some concealed bullish possibilities. The altcoin gained more than 2% to $73 and appeared poised for upsurges towards $80.

Litecoin remained stuck within a horizontal bias since the massive drop of May 22, 2022. Nevertheless, the 8th largest crypto by value looks to overcome its existing trend.

Litecoin awaits buyers’ arrival amidst current uptrends and consolidates the strength necessary to explore the $80 resistance. Meanwhile, LTC’s trading volume declined by 8% within the past day, suggesting continued sideways trends.

The leading crypto, Bitcoin, depicted consolidation signals following a 2% increase. Also, Ethereum surged more than 1.5% to levels beyond $2,000. Upticks from large-cap alts came from Cardano and Ripple as they jumped to $0.53 and $0.41, respectively.

Also, Dogecoin climbed towards the $0.08 high, while Solana touched $52 levels. Moreover, Polkadot hovered around $10 following minor increases.

Litecoin Daily Chart: Critical Session Awaits LTC

The daily chart shows Litecoin trying to escape the rectangular trend created within the previous week as prices oscillated inside the $65 – $71 region. Also, the 50-dau EMA dropped into this range as it stood at $71.4.

Moreover, the daily Relative Strength Index hovered near the early 40s, translating to an impressive market valuation for Litecoin.

Meanwhile, the indicator needs upticks towards the oversold region before new participants join the market for significant price shifts. Moreover, the MACD forms lower peaks but remains beyond the neutral level.

Crypto analysts expect Litecoin to attempt consolidations towards $80 in the coming 24 hours. For now, the resistance zone stands at $75.5. On the other hand, the downward support wavered at $55, and narratives to drop before catalyzing uptrends remain logical.

The crypto spectrum presents attractive price movements today. While writing these lines, the cumulative market capitalization stood at $1.31 trillion, following a 2.05% surge within the past day. Maintaining the leg ups in the near term would support LTC’s upside actions.