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Litecoin Price Analysis: Will The New Upgrades Skyrocket The LTC Token Price?

Litecoin Price Analysis: Will The New Upgrades Skyrocket The LTC Token Price?

  • Litecoin Price is currently in a weak bullish uptrend with an intraday gain of 8%. Meanwhile, LTC/BTC pair is seeing a consolidated momentum on the daily chart.
  • LTC founder Charlie Lee promises to bring two major upgrades which will add more fungublity and privacy to the digital token.

Litecoin price is seeing a bullish momentum and is currently at $169.38 with a gain of 7.49% in an intraday session . LTC price can face resistance on the upside near $240 . Support for the asset price can be seen near $120 . It is currently trading below the 50 and 100 Daily Moving Average.The 50 DMA line is near the value of $229 making it a temporary resistance for the price. There might be a possibility of a negative crossover on the daily chart in the future. The market capitalization of the asset along with the volume has seen an increase in the daily time frame.

LTC founder Charlie Lee in an interview highlighted that the new upgrades will be a game changer. It will bring more fungibility and privacy to the coin which BTC lacks.It will be achieved through Mimblewimble technology  on Litecoin as extension blocks.

Technical Indicators Suggests A Bullish Momentum For LTC Token Price

Source: Trading view

The weekly technical chart of LTC shows a doji candle formation on the weekly chart. While coming on to the daily chart the price has formed an accumulation zone after the huge fall down from $300. Litecoin has formed an accumulation zone on the daily chart.If it breaks above the zone then a strong uptrend in price can be seen. It might also see a downtrend in the future if it crosses below the $120 support. LTC/BTC pair might also recover to positive momentum in the future.

Volume indicator on the daily chart shows a volume of 20K , highlighting a sell signal with low strength. It can see a rise in buying volume if it goes above the $200

RSI(Bullish): RSI for the coin is currently near 41.81 with a small negative slope. The negative slope in it indicates a small downside correction for the price in future. RSI depicts an overall sentiment of consolidation.

CONCLUSION

LTC token price has given some  heavy returns to its investors in the past and can also see it again in future. Litecoin price is currently seeing a consolidated momentum but can soon revert back to the bullish trend once the upgrade launches. Investors should do their due diligence before investing.

Technical Levels

Major Support:$230

Major Resistance:$320

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