Litecoin price analysis: LTC/USD calm after Thursday’s storm; $120 break around the corner
|- Litecoin adds 3.5% to its value on Friday in wake of the stormy Thursday market.
- LTC/USD has a strong bullish bias ahead of the weekend sessions.
Litecoin corrected lower yesterday recording double-digit losses alongside other cryptocurrencies. Prior to the declines, Litecoin was in consolidation following the drop from the new 2019 high at $146. For more than three days LTC/USD was range-bound between $130 and $140 but mostly pivotal at $135.
The crash on Thursday extended the losses below both the 50 Simple Moving Average (SMA) and the 100 SMA 1-h. Possible support areas failed to anchor the price which tested $110. There has been calm since the dust settled on Friday and the shallow reversal faces resistance under $120.
The technical picture shows Litecoin having a bullish bias ahead of the weekend sessions. In fact, if the Moving Average Convergence Divergence (MACD) crosses into the positive territory, LTC/USD is likely to zoom past $120 while focusing on the key $130 hurdle.
LTC/USD 1-h chart
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