Litecoin Price Analysis For December 23, 2020

Litecoin is presently doing well in the market and can make its way over the resistance figure of $120 if the bullish run in the market continues. As it stands now, the digital assets’ main resistance level is $125, $130, and $135, while the main support level of the digital asset is $85, $80, and $75.

Looking at the latest trading momentum of Litecoin, one will notice the bullish impulse surrounding the coin in the last few hours. The digital asset is presently encountering a little price retracement that has pulled it back to the $115 price mark and has reduced its gains to around 4% in the process.

The daily chart of LTC/USD

Litecoin has maintained this bullish momentum in the ascending channel, one of the reasons it has not yet encountered a bearish run in the last 24 hours. If the bulls continue to put more pressure on the market like it has been doing, then the price of Litecoin is expected to rise tremendously. If the bulls fail to power a surge and the bears take charge, traders will seek comfort because the digital asset’s next support level is $95 and $90.

If the price keeps up the upward momentum, it would only be a matter of time before it eventually touches the $100 price level. Notably, the $100 price level is the next resistance level that the coin would have to face before making a major break.

With the Relative Strength Index technical indicator showing a level below 60, the digital asset’s next resistance level will be around $125, $130, and $135. Provided the coin moves below its 9-day moving average, the market could easily break out and trade below the triangle formed.

LTC/BTC price analysis

If the coin eventually breaks below the triangle, then the next support level will be $85, $80, and $75, and if it encounters a free fall, it will move to a price region around $70. In its comparison to the Bitcoin market, buyers are optimistic as the digital asset makes frantic moves to make a bullish run, which is indicated by its 9-day and 21-day moving averages. From a bullish point of view, the next resistance that the asset will encounter is around 4800 satoshi, with other resistance set at 5000 and 5200 satoshi.

From the downside, the support level is around 4400 satoshi, and if a further drop is going to happen, the next support will be at 4200 and 4000 satoshi, respectively. The Relative Strength Index is presently trying to move close to the 60 region, which shows that the bulls are in full focus.