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Litecoin Price Analysis, 11th June: Pre Halving Bulls Have Arrived?

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

LTCUSD Dominant Trend: Bullish

Resistance Levels: $150, $155, $160

Support Levels: $90, 80, $70

 

Litecoin Price Analysis

Litecoin has exceeded $120, starting the week in green. The price has risen by almost 9% for the day and should still recover. The price of the cryptocurrency is negotiated well above the 21-day EMA and this indicates an uptrend in Litecoin. Currently, the litecoin price has crossed the upper border of the Bollinger Bands indicator, while the RSI 14 signal line confirms it presently trading in the overbought territory. As part of Litecoin’s course forecast, a demand level of $90 is expected. This is where we can expect an attempt to continue litecoin price growth and the development of the uptrend. The purpose of this move is when the market price moves up close to the $150 supply level. As a result, Litecoin’s prudent purchasing area is near the lower edge of the Bollinger Bands indicator band at a demand level of $70.

Litecoin Price Chart 11th June
Litecoin Price Chart 11th June

In addition, we have not yet seen the decline in litecoin price in the same way as other cryptocurrencies in recent weeks, but the technical conditions still allow for an increase in the rise. Litecoin price remains well above its 21-day exponential moving average and shows no signs of slowing down. The 4-hour chart shows that Litecoin has held up better than most cryptocurrencies and has now moved higher than most large-cap cryptos. If the rally continues while BTC/USD points to a double high, we could see a Litecoin rally to retreat 38.2% of its historic high. This would be the best time to wait for a downward trend. For now, the price has enough room for recovery and can be expected to maintain its upward trend as long as the cryptocurrency market continues to recover.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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