Litecoin Price Analysis: LTC Targets $87.40  as Bullish Momentum Builds

Litecoin (LTC) is displaying short-term bullish momentum, even as it remains confined within a broader range-bound structure. Overall, the token appears to be in an accumulation phase, indicating that a sustained trend has yet to emerge.

At the time of writing, Litecoin is trading at $82.68 with a 24-hour trading volume of $294.6 million. Its current market capitalization stands at $6.34 billion, placing the token among the market’s top performers. Its price has surged by 1.47% over the last 24 hours and 4.73% over the last week.

Source: CoinMarketCap

Also Read: Litecoin (LTC) Technical Outlook: Holding $79.60 Could Spark $250-$300 Rally

Litecoin (LTC) Eyes $87.40 After Bullish Breakout

The crypto analyst, Crypto Patel, highlighted that Litecoin (LTC) is showing strong bullish indicators on its daily chart, which confirms the ongoing trend with higher highs and higher lows. It is also reacting to a crucial order block in the demand area, which will help to push the price upwards. Taking the current week’s low liquidity into account will minimize risks, and there’s a ‘liquidity pull’ above the high points.

Source: X

The best long entry would be at a price of approximately $79.00, with a stop loss of $75.00, targeting prices of $81.80, $84.50, and $87.40. A bullish reaction within the order block of the price of $79.00 should confirm the entry. Risk management is essential in the trade, with partial profits taken at each target.

Technicals Indicates an Accumulation Phase Before Breakout

Litecoin on the weekly chart remains in a range around $82, within the wider bounds of $65-$120. Currency price movements have indicated a rejection of the resistance area of $110-$120 and a consolidation around the midpoint support area of $75-$80. This indicates a flat to slightly bearish market outlook.

Source: TradingView

Momentum traders have a bearish bias, as the MACD is below the signal line with a widening bear histogram, indicating further downward pressure. The RSI is seen close to 42, which is below the middle level of 50, indicating a non-oversold condition. It can be perceived that Litecoin is trading within a corrective or accumulation phase.

Also Read: Litecoin (LTC) Gains Momentum: Technical Signals Point to a $120 Upside Target