Litecoin price analysis: LTC/USD breaking away from Bitcoin and other major cryptos


  • Litecoin leads the market in recovery growing 2.2% on Tuesday.
  • Positive technical levels suggest that bullish action will continue in the coming sessions.

Litecoin is outperforming most of the cryptocurrencies among the top 20 taking advantage of the bullish zone above $70 to push for gains towards $75. The crypto started the session on Tuesday at $69.9752 before shooting to an intraday high of $73.23. However, diminishing buying pressure to the upside has seen a minor correction to $71.67.

The 2.2% increase in value on the day placed Litecoin above the simple moving averages. The 50 SMA 1-hour is in line to offer support at $70.1566. The confluence formed by the 50% Fib retracement level from the last swing high at $73.26 to a low of $64.066 and the 100 SMA 1-hour at $68.688 will also dampen losses to the south.

The Moving Average Convergence Divergence (MACD) is sitting quite at ease in the positive territory. A positive divergence signals that the bulls have more influence over the price. The fact that the 50 SMA is above the 100 SMA means the trend will remain in favor of the bulls throughout the coming sessions. On the contrary, the full stochastic oscillator is retreating to show that a reversal impends.

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


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Forecast: BTC downside capped at $9,700

BTC has flashed a buy signal in the 12-hour chart. Bitcoin has dropped from $11,085 to $10,265 over the last five days, falling below the symmetrical triangle formation in the process. This Wednesday, the price tumbled ...

More Bitcoin News

Ethereum closer than ever to ETH 2.0 with Spadina Launchpad live on September 29

The main idea behind the Eth2 upgrade is the shift towards a PoS consensus algorithm as the current Proof-of-Work algorithm is energy-intensive and not sustainable in the long-run. Additionally, ETH's current speed ...

More Ethereum News

Tron Technical Analysis: TRX downside capped at $0.024

TRX is priced around $0.025 as the bears managed to eke out an advantage this Wednesday. Over the last three weeks, the price has dropped from $0.04 to $0.025, charting a 37.5% drop in valuation.

More TRON news

Bitcoin SV Price Analysis: BSV stands at a crucial breaking point of its future trend

Bitcoin SV is still one of the biggest cryptocurrencies globally, currently ranked 11th by market capitalization and ignoring the criticism from the community. Several major exchanges ...

More Bitcoin SV News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP