Litecoin (LTC) is making a strong comeback as a bullish reversal takes place, setting the stage for a potential move towards the $76.85 target. After bouncing off a critical support level, Litecoin has regained its upward momentum, signaling renewed optimism among market traders. Key technical indicators now point to further gains, with $76.85 emerging as the next significant resistance level.
As the market reacts to this bullish shift, in this article we will take a closer look at Litecoin’s bullish reversal and assess the significance of the $76.85 target level and its implications for future price action.
Litecoin is up 2%, trading around $65.37 in the last 24 hours. Its market cap has surpassed $4.8 billion, and trading volume has exceeded $410 million at the time of writing. Litecoin’s market cap is up 2%, and trading volume has jumped 42.12%.
Litecoin Bullish Reversal Analysis to $76.85
Litecoin price is bullish on the 4-hour chart, moving above the 100-day simple moving average (SMA), approaching the $76.85 level. The digital asset has experienced significant The price has risen after bouncing off the $50 support level, indicating strong positive momentum that could support further gains.
In addition, the 4-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 50% and is currently moving around 63%, which suggests that the bulls are still in control and can push the price higher.
On the 1-day chart, although Litecoin is still trading below the 100-day SMA, it is showing bullish resilience, steadily moving towards the 100-day SMA and $76.85 level, with multiple bullish momentum candles forming. This suggests strong bullish momentum for cryptocurrency.
Finally, on the 1-day chart, the RSI indicator shows an upward positive trend. pulse for cryptocurrency. The RSI signal line has left the overbought zone and is currently trying to rise above 50%.
Conclusion: Is Litecoin Ready to Break Above $76.85?
Recent trading suggests that Litecoin, with its strong bullish momentum, could reach the $76.85 level. If the cryptocurrency reaches and breaks this resistance, it could trigger further positive moves towards the next resistance at $89.74. If this level is broken, it could lead to further price growth. growth to the resistance level of $105.9 and above.
Conversely, if bearish pressure prevails and Litecoin fails to break After breaking the $76.85 resistance, the price could decline to the $57.41 support. A drop below this level could lead to further declines to test the $50 support, with additional downside movement possible if this range is broken.
