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.

John Isige FXStreet

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

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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