The Boss, a crypto analyst, just lately famous on a X publish that Litecoin (LTC) is firmly holding its long-term upward pattern that started again in 2020. In line with his evaluation, LTC has constantly bounced off this key ascending trendline, highlighting its ongoing relevance within the present market construction.
As worth motion continues to respect this help, The Boss factors out that the following essential zones to look at are the yellow traces representing potential resistance areas marked by Fibonacci ranges that would form LTC’s subsequent main transfer.
Optimistic Technical Indicators
In his evaluation, The Boss acknowledged that Litecoin’s momentum is strengthening, as mirrored by the RSI (Relative Power Index), which is at the moment round 64. This degree additionally signifies rising shopping for energy out there, suggesting that bulls are regularly gaining management and pushing costs greater with out but hitting overbought situations.
Shifting on to momentum indicators, the Boss defined that the MACD is buying and selling in optimistic territory and has skilled a latest bullish crossover. This sign reinforces the rising momentum seen in Litecoin’s worth motion and the potential continuation of the prevailing pattern if consumers keep strain.
Moreover, Shifting Averages (MA) are working in Litecoin’s favor. The Boss defined that $LTC is buying and selling above each short- and long-term shifting averages, significantly holding above the 50-day and 200-day MAs, which additional helps the bullish outlook. These shifting averages are vital help ranges, and staying above them typically attracts extra bullish curiosity.
Wanting forward, Fibonacci Zones present key technical targets. The analyst emphasised that the $100 – $112 vary stays a key technical resistance zone. A breakout above this degree might open the trail towards greater yellow-line targets, that are the following logical worth areas to look at if momentum continues.
Channeling Power: LTC Holds Its Bullish Construction
The Boss, in his structural evaluation of Litecoin, famous that the worth of LTC has remained inside a well-defined ascending channel that has been in place since 2020. This long-term trendline has repeatedly acted as a powerful help degree, offering a basis for upward strikes.
So long as LTC stays above this trendline, The Boss maintains a bullish mid-to-long-term outlook. This means that the general pattern stays intact, with potential for additional beneficial properties if the worth continues to respect this channel.
In abstract, The Boss maintains a bullish stance, underpinned by a mix of optimistic RSI and MACD indicators, sturdy help from main shifting averages, and clear resistance zones. He suggests {that a} push by means of the $100 – $112 vary might set off a bigger upward transfer for Litecoin, taking purpose at these greater yellow-line targets on the chart.
