Litecoin price analysis: Bulls have to break from this narrow range to realize significant gains
|- Litecoin must come out of the month-long range in order to realize gains.
- LTC/USD technical indicators are still positive in spite of the bear correction.
Litecoin is still within the narrow range with limits at $23.49 and $36.9 for over a month now. The bulls do not realize that unless they break from the range resistance, they will continue to suffer and the strong bear grip. The brief recovery during the last month of 2018 failed to break the resistance paving the way for the bears to push the price lower.
The good news is that the buyers have sustained the price above the Simple Moving Averages on the 4-hour chart. Moreover, the technical indicators applied to the same chart are showing the highest levels this year. The Relative Strength Index (RSI), for example, is currently brushing shoulders with the overbought territory to show that the bulls still have most of the control. The Moving Average Convergence-Divergence (MACD) had revamped the trend and has stepped above the mean line.
As long as the price can stay above the moving average, we could see Litecoin correct higher above the immediate resistance at $35.00. A move past the range resistance will open the road for growth above $40.00. Meanwhile $30.00 is the key support while the lows traded in December at $22.23 will continue work as the major support.
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