Bitcoin price has shown considerable bullish momentum over the past 24 to 30 hours, which has resulted in a massive rally for many altcoins. This development is likely to continue after a minor pullback. So investors that missed this rally should be cautious about entering the market late and getting caught in the wrong direction.

Litecoin (LTC) price sees traders trying to wrap their minds around what happened on Tuesday when bulls managed to pierce through an impenetrable wall that bears had cemented at $65.08. Unfortunately, on the breach of it, bears quickly rushed in to run price action back down, making it a very expensive bull trap with a max 13% loss for bulls that entered above $65 and waited until the close of the day to off-load their entered long positions.

For the first time in weeks, the crypto market did well for itself, adding over $40 billion to market capitalization within 24 hours. Many cryptocurrencies joined the rally led by the king coin, Bitcoin, and altcoin king, Ethereum. Although along with the positive market moves, the two assets noted the bullish response from an interesting announcement as well.

The move was catalyzed by a classic retest and all signals from the 21-day simple moving average. Litecoin price currently auctions at $56 as the bulls have successfully taken out the October high.

The Relative Strength Index is in extremely overbought conditions for the second time this week. Still, this is more of a confidence. The next targets for LTC price will be the psychological $60 and potentially $63 for an additional 12-15% rise.

The uptrend should remain intact so long as the recently established $52 lows remain unbreached. If the lows are tagged, an additional decline toward the $44 liquidity zone could occur, resulting in a 20% decrease from the current Litecoin price.

Litecoin Price Takes off for second consecutive week

Oct 28 2022