Welcome to Extreme Investor Network, where we provide expert insights and analysis on all things related to the stock market, trading, and Wall Street. Today, we are diving into a Litecoin price forecast for LTCUSD.
Technical indicators are pointing towards a positive outlook for Litecoin’s price. The Bollinger Bands have widened, signaling a 6.5% increase in the last 48 hours. This suggests that LTC price could be gearing up for a move towards $75.
The current short-term resistance for Litecoin is the middle band, which is the 20-day Moving Average at $75.67. Breaking above this level could trigger a prolonged breakout phase, with $80 as the next major bullish target.
Looking at the Relative Strength Index (RSI) on the daily chart, we see a reading of 55.78, just below the overbought region. This indicates that there is still room for price growth, suggesting that Litecoin may not be overbought at this time.
In the event of a pullback, the first support level to watch is $68.90, which is the lower Bollinger Band. If this level is breached, Litecoin could potentially fall to $64.30. However, it’s worth noting that the $70 psychological level has been a key area of support this week.
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