Litecoin price analysis: LTC/USD is up 5% on the day amid news on upcoming Global Litecoin Summit
|- Litecoin Foundation announced the plans to hold the summit in September.
- LTC/USD is among growth leaders, but $120.00 caps the upside.
Litecoin has gained nearly 3% from the Asian opening level, but it is still below $120.00 threshold, which undermines LTC bulls' case.
Litecoin Foundation excited the community with the announcement about upcoming Summit. The news triggered a massive reaction from the company's Twitter followers. The event will take place in September with more details to be provided later.
"The rumors are true. We'll be holding the first ever Litecoin Summit this September in San Francisco. We'll update on litecoinsummit.org as we have more information. Hope to see you there!" the Litecoin Foundation posted on its official Twitter account.
Litecoin price technical picture
LTC/USD is trading at $118.70 off the intraday low and needs to get back above $120.00 to get a chance for an extended recovery. The coin stays above both 50 and 100-SMA on the hourly chart, which improves the short-term picture. Once the above-said resistance at $120.0 is cleared, $125.00 and $130.00 will come into focus. On the downside, the local support is created by $117.00 (100-SMA) and followed by $109.45 (March 30 low). The drop below will expose $105.31 (February 6 low) and $100.00.
LTC/USD, the hourly chart
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