Litecoin extends the bullish leg: Can we see a bounce towards $60?
|- Litecoin was the market leader yesterday amid a general bull rally that saw the market add roughly $6 billion.
- LTC/USD is poised for more growth towards $60 as per the technical indicator signals.
As discussed in earlier published price analysis, Litecoin zoomed past the critical $55 level on Tuesday. The move was a correction to the slide witnessed on Monday this week. LTC/USD had opened the week’s trading around $48 but the trend culminated in declines that failed to find support at $46. Litecoin has since recovered from the drop, by finding a bearing at $45 and now it trades at $56.
Litecoin was the market leader yesterday amid a general bull rally that saw the market add roughly $6 billion. The total market capitalization now stands at $136 billion supported by a 24-hour trading volume of $36 billion. Litecoin, on the other hand, is holding tight to the 5th position on the market with a market share of $3.3 billion and a 24-hour exchange volume of $2.4 billion. The price is up 16.37% against the US dollar and 12.88% against Bitcoin as per the data on CoinMarketCap.
According to the technical indicators, LTC/USD is poised for more growth towards $60. Besides, a bullish momentum continues to build above the established short-term support at $55.00. If the trend reverses and bears clear this level, $53.00 – $52.00 will come in the rescue to prevent declines below $50.00. However, stronger support is seen close to the previous lows traded on Monday this week.
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