Litecoin Technical Analysis: LTC Aims For $200 Psychological Level
Daily Litecoin LTC Price Analysis
- LTC fulfils its flag and pole pattern.
- The RSI has crept into the overbought zone.
Litecoin buyers have managed to stay in control for four consecutive days pushing the price up from $124.30 to $164. As things stand, the buyers are in full control of the market and aim to take the price above $200.
Litecoin Fulfills Flag-and-Pole
In our previous reports, we have noted that Litecoin is currently trending in a flag-and-pole pattern. As things stand right now, LTC has finished its pole pattern and will probably go through a consolidation period to create the flag. The relative strength index (RSI) in the daily chart crept into the overbought zone, which hints that the price will likely go through consolidation.
Image: LTC/USD daily chart
Looking at the 4-hour chart, we can see that the price has been consolidating horizontally for nearly five days before exploding up 32.50%. Now, if the price does consolidate, we can expect LTC to re-enter the Bollinger Band.
Image: LTC/USD 4-hour chart
Key Price Levels To Watch For LTC
As of now, we can expect the price to consolidate below $165. Following this consolidation period, if LTC continues to fulfil the flag-and-pole, the next price target lies at $190.