Technical analysis by Coinpedia-Market-Insight about Symbol LTC: Buy recommendation (10/18/2024)

Litecoin surges 13.43% in five days, breaking the $73 resistance. LTC price forms a V-shaped reversal, leading to a rising channel rally. Currently trading at $72.27, Litecoin tests the overhead resistance trendline. The intraday candle shows price rejection at the 38.20% Fibonacci level near $76. A minor pullback is possible following rejection from the $76 mark. The 200-day EMA provides strong support at $70.66, sustaining bullish momentum. An uptick in the 50-day EMA suggests a potential golden crossover soon. MACD and signal lines remain positively aligned, reflecting increased bullish strength. A breakout above the $82 mark could target the 78.60% Fibonacci level at $97.77. Litecoin needs to surpass the $82 resistance to potentially hit $100. If a pullback occurs, key support levels are at $68.53 and $60. Litecoin's bullish channel formation signals continued upward momentum toward $100.