The price of Litecoin (LTC) has increased despite a bearish overall crypto market, which is a positive sign. While there is likely to be further short-term price increases, the long-term trend is still undetermined. The analysis of LTC’s daily timeframe suggests a positive outlook for its price, based on various factors. LTC’s price has broken out from a descending resistance line present since April 18, indicating the end of the previous correction while completing a corrective pattern known as an A-B-C structure. The RSI provides a bullish reading, suggesting a bullish trend. The short-term six-hour timeframe suggests the price increase will continue, with the most likely target for the top of the move at $102. A decrease below the local low of $87.50 would mean the trend is bearish and the price could fall to the next closest support at $78.
Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research and seek professional advice before making any financial decisions.