Just as the year 2022 is coming to an end, a great amount of growing interest is being witnessed for Litecoin (LTC).
It is the second-oldest cryptocurrency was launched back in 2011 and ranks second to Bitcoin (BTC) in the particular category.
The asset is reportedly becoming one of the most attractive digital currencies in recent weeks. It has been witnessing a significant boost and it has largely avoided the impact that came from the FTX crash.
The situation is becoming quite favorable for Litecoin as the halving of the asset approaches in the third quarter of 2023.
Let us have a look at the recent performance of the asset and see where it currently stands.
Latest Performance of Litecoin
The report shows that November 17 was a very significant day for Litecoin as its price recorded decent gains on a particular day.
The report shows that the value of the asset surged and was able to cross the 20-day EMA, which is currently $59.
The relative strength index (RSI) for Litecoin has also moved in a positive direction, which is also a positive indication for the asset.
The best news for the bulls is that despite experiencing a strong rally in the past few weeks, the RSI for Litecoin has not moved much in favor of the bulls.
Even now, the RSI shows that the bulls have a slight advantage over the bears. This means that the RSI is nowhere near the ‘overbought’ zone, which is also a major bullish indication.
It suggests that the bulls can continue backing the rally to push LTC higher. Keeping the current technical factors in mind, there is no fear of a mass sell-out that may result in a huge price correction.
For now, LTC has the freedom to grow bigger and more profitable for investors.
What if LTC Turns Bearish?
At the moment, LTC has no fear and as the data suggests, it will find no problem crossing the $60 mark. However, as the price of LTC nears the $65 mark, the resistance pressure will continue to grow stronger.
That is where the bulls will face off against the bears and if they fail, then the LTC rally would lose its momentum. The bears may get the trend in their hands and start pulling LTC lower.
The bears may continue pulling the trading price of LTC, bringing it lower to $59 and dragging it further down to $46.
The Bulls are targeting $75
There is a strong chance of Litecoin crossing the $65 mark despite the strong selling pressure. This is because they are targeting the $75 figure and for that, they will need a great amount of buying power.
If they are able to muster that, then crossing $65 would be an easy task and the bulls may successfully come close to the $75 level for another face-off with the bears.