Litecoin crosses $80: Should you look out for a reversal now?

price remained heavily under bears’ influence as the coin witnessed a major drop in its price. However, the coin tested a key support level, which can trigger a trend reversal. Therefore, AMBCrypto checked Litecoin’s metrics to see which way it was headed.highlighting LTC’s bearish performance. This was the case as the coin’s price was testing the $80 key support level. If the coin managed to test that level, then there were chances of Litecoin gaining upward momentum and touching $94.

However, network activity remained high, as evident from its daily active addresses. Additionally, Litecoin’s transaction count was also high, suggesting that investors were actively trading.AMBCrypto then took a look at LTC’s daily chart and found that both its Relative Strength Index and Money Flow Index went sideways. This indicated that investors might witness a few slow-moving days.

The coin’s MACD displayed a clear bearish upperhand in the market. However, as per the Bollinger Bands, LTC’s price touched the lower limit of the metric, which suggested that there are chances of a continued price uptick in the coming days.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.

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