Litecoin peaked above $124.0 and rose to $130 but quickly pulled away. The trend outlook remains bullish above $111.8, targeting $137. That said, the bullish outlook should be invalidated if LTC/USD falls below $111.8.
Litecoin Technical Analysis – 18-December-2024
The cryptocurrency is in a bull market, slightly above the critical support level of $111.8. As of this writing, LTC/USD trades at approximately $121.0.
In the previous trading session, LTC rose to $130.0, but the bullish momentum did not last as the prices exceeded the Bollinger Bands lines. This means Litecoin was overpriced, at least for a short period. Additionally, the Stochastic Oscillator is near the median line from below, meaning bulls are getting ready for a new run.
Overall, the technical indicators suggest the primary trend is bullish and should resume.
Litecoin Bulls Push for 78.6% Fibonacci Level
The immediate resistance is at $124.0. From a technical perspective, the uptrend will likely extend to higher demand levels if bulls stabilize Litecoin prices above this resistance.
The next bullish target in this scenario could be the 78.6% Fibonacci retracement level at 137.1.
- Also read: Bitcoin Hits $108400: What’s Next?
The Bearish Scenario
Please note that the bullish outlook should be invalidated if LTC/USD falls below $111.8 support. If this scenario unfolds, the bearish momentum from $130 could extend to the December 10 low at $101.0.