Litecoin Market Update: LTC/USD reclaims $50 as Bitcoin clears path to $10,000

Following the free-fall in March where Litecoin sunk to test support at $25, buyers have been keen on reversing the trend and pulling to levels achieved in February. Recovery has not been rapid in the past six weeks but the progress made from mid-April has been significant. The consolidation between $40 and $45 was also instrumental in the breakout and the ongoing price action above $50.

Litecoin has adjusted from an intraday high at $50.87 but bulls are holding onto to the 3.48% growth made in the day. Slightly above the intraday high, LTC/USD will face more resistance at the 20-day SMA. It is expected that the bullish action could significantly extend upwards if the seller congestion at the 200-SMA is overcome. Technical indicators such as the RSI and the MACD have strongly aligned in support of the prevailing positive technical picture. In other words, LTC is poised for a lift-off above $60 while $70 is not out of reach in the near term.

The biggest task the bulls have now is to keep the price above $50. However, if push comes to shove and Litecoin reverses to slash some of the accrued gains, support is tentatively expected at $45, the ascending channel support, and the 50-day SMA (slightly above 40).

As Litecoin took the fight to $50, Bitcoin surged above $9,000. The largest cryptocurrency market capitalization remains unstoppable while aiming for $10,000. BTC/USD is trading at $9,338 after adjusting lower from $9,476 (April high).

LTC/USD daily chart