- Litecoin dropped to levels below $80 before finding support at $76.00.
- Strong technical levels suggest further growth Litecoin price.
Litecoin has posted gains two days in a row following the dip to lows under $100. The declines that dominated the crypto market at the beginning of this week saw most digital assets lose ground significantly. Litecoin dropped to levels below $80 before finding support at $76.00.
Following the support at $76.00, recovery was staged on Wednesday pushing Litecoin above $90. Extended gains touched $95 as reported by FXStreet. Driven Bitcoins $1,000 recovery to $10,500, Litecoin has on Thursday appreciated in value stepping above $100. Which represents a more than 12% rise in market value on the day.
Meanwhile, Litecoin is trading at $101 amid growing momentum. A break above $105 hurdle is imminent. Technically, the trend is in favor of the bulls, especially with current strong technical levels. The Moving Average Convergence Divergence (MACD) continues to move higher in the positive territory. The increasing divergence suggests growing buying power despite overbought levels having been reached.
LTC/USD 1-h chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.