Litecoin price analysis: LTC/USD breaking away from Bitcoin and other major cryptos
|- Litecoin leads the market in recovery growing 2.2% on Tuesday.
- Positive technical levels suggest that bullish action will continue in the coming sessions.
Litecoin is outperforming most of the cryptocurrencies among the top 20 taking advantage of the bullish zone above $70 to push for gains towards $75. The crypto started the session on Tuesday at $69.9752 before shooting to an intraday high of $73.23. However, diminishing buying pressure to the upside has seen a minor correction to $71.67.
The 2.2% increase in value on the day placed Litecoin above the simple moving averages. The 50 SMA 1-hour is in line to offer support at $70.1566. The confluence formed by the 50% Fib retracement level from the last swing high at $73.26 to a low of $64.066 and the 100 SMA 1-hour at $68.688 will also dampen losses to the south.
The Moving Average Convergence Divergence (MACD) is sitting quite at ease in the positive territory. A positive divergence signals that the bulls have more influence over the price. The fact that the 50 SMA is above the 100 SMA means the trend will remain in favor of the bulls throughout the coming sessions. On the contrary, the full stochastic oscillator is retreating to show that a reversal impends.
LTC/USD 1-hour chart
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