Litecoin market overview: LTC/USD upside capped by the 100 SMA

  • Litecoin bulls continue hammering on the short-term 100 SMA resistance with a desire to rise above $60 (key hurdle).
  • The consolidation above the support formed at $50 - $60 has been key to the ongoing bullish action.

Litecoin is trading in the green just like the other major cryptocurrencies on the market. The bullish wave that commenced on Monday has been gracious enough to thrust LTC/USD above the descending trendline resistance. A subtle bullish correction of 0.60% on Tuesday (Asian trading session) shows the bulls’ desire to stir action above $60.

Meanwhile, the upside is strongly limited with the 100 simple moving average on the one-hour chart hindering growth at $58.70. This means that the buyers will have to work a little harder to pull LTC above $60 (untested resistance level). In the $60s range, the price will come face to face with resistance from the 50 SMA (marginally below $65).

The technical picture clearly shows that the trend has a bullish bias. The relative strength index (RSI) is correcting higher toward the overbought (levels above 70). At the same time, the widening gap between the 50 SMA and the 100 SMA signifies the traction bulls are getting against the bears. Correction above $60 could boost LTC towards the supply zone between $70 and $72.

LTC/USD one-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast