Litecoin price analysis: LTC/USD gains ground when others are sliding down
|- Litecoin has been growing recently despite a bearish trend on the market.
- LTC/USD needs to climb above $122.00 to proceed with the recovery.
Litecoin has been doing better than many other major altcoins recently. The 5th largest cryptocurrency with the current market capitalization of $7.2 billion is mostly unchanged in recent 24 hours, while the rest of the market is sliding down. Moreover, Litecoin is the only digital asset out of top-20 with gains on a week-on-week basis. At the time of writing, LTC/USD is changing hands at $117.50.
From the long-term perspective, LTC/USD is moving within a clear bullish trend, supported by $110.00 barrier. A sustainable move below this handle will open up the way towards the next bearish aim of $88.70 created by psychological $100.00. Meanwhile, the coin stays on a recovery track as long as it trades above $93.00 area supported by SMA100 (Simple Moving Average) on a weekly chart.
On the upside, we will need to see a strong move above $122.00 (May 27 high) for the upside momentum to gain traction. If this is the case, new buyers will join the market and take the price towards the next psychological level of $130.00 with the subsequent focus on $156, which is 38.2% Fibo retracement for the more substantial downside move from December 2017 high to December 2018 low.
LTC/USD, 1-day chart
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