Will The Bulls Help Litecoin [LTC] Hit $200?

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February 3rd 2021

It seemed like the crypto market was mirroring yesterday’s trend. Litecoin [LTC], Chainlink [LINK], and several assets were seen riding the bulls, but XRP was the only one among the top assets that were plummeting. Bitcoin was finally seen trekking uphill as its price was noted at $36,254 with a 3.10% daily increase. Polkadot [DOT] was once again proving that new coins can make it big. The altcoin had surged past $18 while it retained its position as the fifth-largest coin. After bagging gains of over 22% over the week, BNB decided to take it slow as the coin was dropping by 3% during press time.

Litecoin [LTC] has been performing exceptionally. But the coin failed to even go close to its all-time high of $375.29, which it achieved about three years ago. During the time of writing, LTC was trading at $151.51 with a daily rise of 7.71%. Litecoin secured a place as the seventh-largest coin and prolonged its stay there.

Litecoin [LTC] Four-Hour Price Chart

Litecoin still has a long way to its all-time high. However, the bulls were taking over the LTC market. The Bollinger Bands indicator was diverging which indicated major fluctuations in the price of LTC. The MACD indicator had entered into the bullish arena during the beginning of the month. The MACD line was miles apart from the signal line which suggested that LTC could prolong the bullish trend. The Chaikin Money Flow indicator was way above zero pointing out the presence of bulls.

Litecoin [LTC] Exhibits Buyers’ Notion

Buyers’ sentiment was high in the LTC market on Binance. The Money Flow Index indicator was seen recovering from the overbought zone. The Relative Strength Index also manifested a similar notion and revealed a strong bullish predilection.

The digital silver was enjoying a stay in the bullish arena. This trend would further push the altcoin to steer towards the $200 zone.

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