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Litcoin Bull pressure increases, $84 coming? LFG!

Updated

Buyers of LTC are presently encountering robust resistance around the $76 range. The upward pressure from consistently maintained higher lows is evident, suggesting bullish momentum. However, it would be prudent to anticipate a potential pullback once the price hits $78 and reacts to the minor resistance. Despite the likelihood of a reaction, there is a probability exceeding 60% that the bulls could persist and drive the price to the range of $82 to $84.

Note

#LTC bulls successfully surpassed the $76 mark, reaching $76.79. The subsequent retest of this previously breached resistance has provided buyers with a more robust foundation, enhancing their potential to reach the 78 to 84 range. Anticipate a response within the 78-84 range once the 78 resistance is breached.

Note

LTC bulls have notably achieved a significant milestone by reaching the crucial 70 support level. This level not only represents a key support for the bulls but also aligns with the lower trendline of the current channel. This convergence provides the bulls with substantial strength, setting the stage for a potential move towards the 84 range. However, it's important to note that before reaching the 84 level, the bulls must navigate through the mini-resistance at 78.

Anticipate a potential reaction from the bears around the 78 price point as they may attempt to retaliate and pose a challenge for the bulls' upward momentum. Successfully clearing this mini-resistance will be a pivotal step for the bulls to continue their journey towards the 84 range. The interplay between the bulls and bears at these critical levels will likely determine the short-term trajectory of LTC's price movement.

Note

Today, Litecoin (LTC) buyers orchestrated a noteworthy ascent, successfully breaching the longstanding $74 resistance range. The momentum exhibited suggests an imminent breakthrough of the next hurdles at $80 and $82, positioning LTC to realize our initial target of $84. However, the exciting prospect emerges that if buyer enthusiasm continues at its current pace, the path is paved for LTC to swiftly reach the $96 mark. In the grander scheme, this sets the stage for Litecoin's eventual ascent to the significant milestone of $100 to $104, an extension beyond the initial projections. The bullish trajectory appears promising, marking a compelling journey for LTC enthusiasts.

MachiavelliTrader

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