Litecoin price analysis: Bulls awoken once again; LTC/USD reclaims $70.00 support
- Tuesday trading has been very fruitful not only for Litecoin which is up more than 6% but also for Ripple.
- LTC/USD formed an intraday high at $73.00 before the price began retracing.
- Dips back inside the channel are possible.
Litecoin has been correcting higher since it found support at $66.00 on Monday. The reversal comes after a week of extended declines from the seller congestion zone at $80.00. Litecoin bears continued to purge the price from the higher levels over the last weekend’s sessions.
Tuesday trading has been very fruitful not only for Litecoin which is up more than 6% but also for Ripple which stepped above $0.3100, Ethereum is trading above $160 while Bitcoin Cash is up 4.5% to trade at $246.
Following the bullish momentum at $66.00 support, LTC/USD extended the gains past the 50 Simple Moving average (SMA) as well as the 100 SMA. Consequently, the short-term 50 SMA crossing above the 100 SMA 15-minutes saw the bulls gain more confidence in the trend reversal. Increasing buying conditions sent LTC above $69.00 hurdle and eventually, the price stepped above $70.00.
Additional upward movement pierced through the ascending channel. LTC/USD formed an intraday high at $73.00 before the price began retracing. If the price fails to correct above Tuesday highs, dips back inside the channel are possible. As far support is concerned, LTC is initially supported at $72.00, $70.00 - $68.00 and the primary support area at $60.00.
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
