Litecoin Shows Bullish Signs as Price Targets $70; Will the bulls move into this region?

• The price of LTC is showing bullish signs as the price holds above its range channel, showing signs of a rally to the upside as FTX fiascos continue.
• The price of LTC is trading above $60 with the current market conditions as things appear uncertain for most traders and investors.
• LTC price is recovering from a low of $50 on the daily timeframe as the price aims to rally to $70 above the 50 Exponential Moving Average (EMA).

The price action Litecoin (LTC) has shown lately has been encouraging and gives hope to many following the FTX saga that has troubled the hearts of many traders and investors. The domino effect of the FTX saga and other major investors involved has stalled the market as the market is yet to make a big move after the price of Bitcoin (BTC) has performed well over the past few weeks, rising from a low of $19,200 to a high of $21,600. Most altcoins are trending up as many have posted gains of over 200% below DOGE, which recovered from a region of $0.55 to a high of $0.15. However, those expectations were dashed by the uncertainty surrounding the crypto market, but that hasn’t stopped the price of Litecoin (LTC) from performing well lately. (Binance data)

Litecoin (LTC) price analysis on weekly chart

The past few days have been filled with so much turmoil in the crypto space that many altcoins have struggled to show strength after losing key support to stave off the price decline.

The current uncertainty surrounding the market has made traders and investors hesitant to buy altcoins as there is no certainty that they will erupt any time soon.

The FTX news had a huge impact on LTC’s price, sending the price spiraling into a $50 region when the price bounced off that region in what appeared to be a temporary zone of demand to stave off a major sell-off.

LTC price bounced off this region and showed great strength up to the $60 region as the price aims to rally higher to $70. LTC price needs to sustain above $60 for more signs of relief towards $70.

weekly Resistance for the price of LTC – $70.

Weekly support at the price of LTC – $60.

Price analysis of LTC on the daily chart (1D).

Daily LTC Price Chart | Source: LTCUSDT on Tradingview.com

LTC price remains considerably strong on the daily timeframe as the price is trading above the $60 support after recovering from the $50 region.

If LTC price sustains above $60, we might see more rallies for LTC price; A break below $60 region would be a bear trap as the price could turn lower.

Daily resistance for LTC price – $70.

Daily LTC price support – $60.

Featured image by zipmex, charts by Tradingview