With Litecoin Starting A Rally, Will It Cross $70?

On August seventeenth, Litecoin (LTC) value broke the essential assist zone of $70 with a 13% intraday drop. The demand belt, current near $70, was profitable in bouncing the costs larger twice in 2023. 

Furthermore, the downtrend cracks the development line supporting the pullback section, reflecting the stable provide stress. 

With a adverse 11% year-to-date return in 2023, LTC value loses all of the 2023 beneficial properties and trades at $62.14. Making a brief V-shaped reversal, the LTC value retests the damaged trendline for the second time, bringing a 5.63% restoration. 

Presently, the Litecoin value clings near the essential value motion zone at $62. With the general market restoration, the altcoin value can floor above the damaged trendline, which can enhance the value larger to the 50-day EMA at $71. 

Nonetheless, post-death cross (bearish crossover of fifty and 200-day EMA), the elevated promoting stress warns of a pointy revenue reserving to place out the restoration.

Coming to the technical indicators, the MACD and RSI are presenting a restoration in movement. The RSI line resurfaces from the oversold zone to focus on a bullish divergence. Furthermore, the MACD indicator takes a optimistic alignment with bullish histograms on the rise.

Will LTC Value Bounce To $70?

Regardless of the consumers making a comeback to problem the $62 belt, the general development stays bearish. Nonetheless, with the market leaders discovering recent aid, the altcoins are set to enter a restoration section.   

Due to this fact, with a powerful restoration, the LTC value can break above the trendline to succeed in $70.

On the flip facet, a downtrend continuation will breach the $60 zone, to check bullish dominance at $50 demand belt.