Litecoin market update: LTC/USD bulls rise from the ashes once again


  • Binance announces a trading platform specifically for the U.S. market.
  • Litecoin stays above key level ($125) as the bulls push for reversal.

LTC/USD revamps the uptrend following declines from the new 2019 high at $144.31. The price plunged below $130 level less than a day after zooming to the levels above $140. The $8.2 billion coin was among the biggest gainers on the crypto market yesterday.

In spite of the correction, Litecoin still trading above a key level (former resistance at $125). Support established at $125 today play a key role in the ongoing reversal above $130. The intraday charts show Litecoin among the crypto assets in the green. Generally, the market is in the red with major coins like Ripple trading below critical levels, for instance, $0.4.

The declines could be ignited by the announcement from Binance which said that it will be locking out U.S. traders in 90 days to give way for the launch of a crypto-to-fiat trading platform for the region.

As long as Litecoin stays above the trendline (key reversal point for the price over the month of June) the price is likely to move higher while aiming for $140. The ultimate breakout level for Litecoin is $150. The current uptrend is supported by most of the technicals with the RSI heading north after touching 30.00 yesterday. The MACD divergence is increasing to emphasize on the traction the bulls are gaining.

LTC/USD 1-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. 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP