- Litecoin (LTC) has been showing a strong upward trend in the last two days and is currently trading at 67.49 USD as of the time of writing.
- If the LTC price continues to close daily above 59 dollars, it can continue its upward trend to levels of 72 dollars and subsequently 75.20 dollars.
- However, for LTC to maintain this rise, it needs to close daily above the 64 dollar support level. LTC investors should be cautious against daily closings below 64 dollars and should consider their risk management strategies.
Recently, Litecoin (LTC) is exhibiting a strong upward trend and is trading at the level of 67.49 dollars. The analysis suggests that LTC might aim for upward targets of 72 dollars and 75.20 dollars, if it maintains daily closings above 59 dollars.
MEDIUM-TERM LTC PRICE ANALYSIS
Litecoin’s price has been on a rising trend for the last two days. The LTC price is trading at 67.49 dollars at the time of writing this piece and has recorded an increase of more than 2.40% today.
As we pointed out in our analysis on September 9, the LTC price started rising from the range of 62-59 dollars, providing our readers with a gain of over 12%. If it continues to close daily above 59 dollars, it can first continue its upward trend to a level of 72 dollars, and later to 75.20 dollars.
However, to maintain this upward trend, it needs to close daily above the support level of 64 dollars. LTC investors should be cautious against daily closings below 64 dollars and should evaluate their stop-loss strategies.
SHORT-TERM LTC ANALYSIS
Upon reviewing Litecoin’s 4-hour technical chart, it can be seen that the price has risen to 68 dollars as part of an upward trend. The LTC price seems intent to maintain its upward trend while remaining above 67 dollars.
If the LTC price remains above 67 dollars, it can consider upward targets of 70 dollars and later 73 dollars in turn. However, if the LTC price makes 4-hour candle closings below 67 dollars, it can continue its downward trend to the 65 dollar support level.
In case Litecoin fails to show a strong buying reaction from the 65 dollar support level, it can extend its downward trend to 63.51 dollars. However, if the Litecoin price initiates an upward movement from the 65 dollar support, it can progress towards the aforementioned targets.
