Litecoin Price Movement Analysis for 7th July, 2021

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The market for Litecoin has fallen from its most traded range of $174.27 in mid-June. Following this, the alt’s price fell as low as $104.77 on June 22. Since then, the popular digital silver has been attempting to recover from this big loss, with the cryptocurrency’s price action indicating a potential breakout on the charts.

LTC was trading at $141.99 at the time of writing, with a market value of $9.46 billion.

Litecoin 12-hour chart

Source: LTCUSD on TradingView

As shown in the accompanying chart, the value of LTC appeared to be rebounding as it created higher lows connected by an upward slope. The crypto-asset, on the other hand, made a continuous high at $145.27, creating the base of an ascending triangle. This might imply that the price of LTC is about to break upwards.

Reasoning

At the time of writing, the Litecoin market did not experience a lot of extreme volatility. The Bollinger Bands were converging, indicating that market activity was minimal. The tepid movement of Litecoin also drove the Signal line below the candlesticks, a trend that might enhance the cryptocurrency’s price.

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Meanwhile, according to the Relative Strength Index, LTC has stayed in the equilibrium zone. On the chart, the buying and selling forces had also evened out. Consolidation at the resistance level, on the other hand, may lead to LTC breaking out. Furthermore, market momentum was increasing.

Finally, the Awesome Oscillator moved into the positive territory and highlighted the rising bullish momentum in the market.

Crucial levels to watch out for

Entry-level: $146.96
Take Profit: $168.12
Stop-level: $132.16
Risk and Reward: 1.43

Conclusion

The current Litecoin market was seeing the creation of a bullish trend, which may culminate in a price surge to $174. Those that join at the press time price level may benefit from such a price movement. Furthermore, the indications appeared to indicate that LTC was maintaining its bullishness as trade activity increased across the board.

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