- Litecoin bulls focus on breaking the nest resistance at $80 amid building bullish momentum.
- Bulls hold on to the throttle even as the RSI returns into the overbought region.
Spot rate: $79.09
Relative change: 3%
Percentage change: 2.31
LTC/USD daily chart
Litecoin price is galloping towards $80 key resistance. The rejuvenated bullish momentum is in tandem with the bullish wave across the market. Major assets such as Bitcoin, Ethereum and Ripple are posting sizeable gains on Wednesday. Besides, the 50SMA is closing in on the 200-day SMA in a bid to show that the bulls have more influence over the price.
On the other hand, the formation of a rising wedge pattern suggests that Litecoin could soon hit the reverse gears especially if the resistances at $80 and $100 are not cleared in due time.
LTC/USD 2-hour chart
Litecoin bullish action is digging deeper into the Bollinger band’s upper curves after defending the support at $70. The RSI is making a comeback into the overbought region, further encouraging the buyers to increase their entries.