Litecoin market update: LTC/USD above DMA200, the first time since May 2018
|- The LTC forecast is favorable as long as it stays above $40.00
- Bulls set their eyes at $60.00.
Litecoin has been one of the best-performing cryptocurrencies lately. The coin has gained over 21% in recent seven days and settled at the 5th place in a global cryptocurrency rating compiled by CoinMarketCap.
LTC/USD is changing hands at $51.10 at the time of writing, off the recent high hit at $51.40 during late Wednesday hours.
From the long-term point of view, LTC/USD picture looks bullish. The coin is trading above DMA200 for the first time since the beginning of May 2018, which is a positive signal. In terms of price momentum, LTC closed the bearish gap created in November 2018, while a sustainable move above 50.00 handle gave credibility to the recovery process.
Now the first level to watch on the way up is the recent high of $51.40. Once it is cleared, $56.55 (November 7, 2018 high) will come into focus followed by psychological $60.00.
DMA200 creates the significant support at $45.41, preceded by interim support at $47.20-$47.00 (broken resistance). A sustainable move below the said bearish target would negate the immediate bullish scenario and bring psychological $40.00 back in the limelight.
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