- Litecoin hits a turning point, breaks the post halving downtrend while focusing on the return to $100.
- Technical indicators including the RSI and Elliot Wave Oscillator suggest Litecoin will stay in the bullish face a while longer.
Litecoin like other major altcoins has been performing relatively well since the beginning of the week. The bullish action continued on Wednesday with Litecoin rising to an intraday high of $76.2644. Buyers are working hard to hold onto the 2.55% gains on the day. However, the price has adjusted to the current market at $76.
Following the reward halving event, Litecoin plunged from levels around $100 and refreshed the support at $62. The struggle to reverse the trend finally got a breakthrough on LTC correction above the simple moving averages in the one-hour timeframe. A confluence formed by the 23.6% Fib retracement level taken between the last swing high of $77.93 to a swing low of $67.43, the 50 SMA and the 100 SMA saved LTC from a potential plunge on Monday.
Also read: Japan’s leading messaging platform Line launches Bitmax cryptocurrency exchange
Litecoin later stepped above the 61.8% Fib level and even extended the action towards $80. However, the resistance at $78 is yet to be tested. The relative strength index (RSI) is gradually slopping upwards after finding balance at 55. This coupled with the bullish session displayed by Elliot Wave Oscillator suggests that the buyers will remain in control in the coming sessions. Besides, buyers have eyes on $100 in the near-term.
LTC/USD 1-hour chart
-637043840632991320.png)
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.
Latest Crypto News & Analysis
Editors’ Picks
Cryptocurrency News Update: Bitcoin pushes above $9,400, altcoins calm down
BTC/USD has barely changed since the start of the day and gained nearly 1.2% on a day-to-day basis. The first digital asset is changing hands at $9,400 after a move to $9,445 during early Asian hours.
XLM/USD goes wild, stops short of $0.1000
Stellar (XLM), the 13th largest digital asset, has gone wild on Thursday. The coin hit $0.0990, which is the highest level since September 2019, and dropped to $0.0920 by the time of writing.
BCH/USD bulls save strength before a move to $250.00
Bitcoin Cash (BCH) topped at $246.04 on Wednesday and retreated to $243.00 by the time ow writing. Despite some wild price gyrations, BCH has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.
XMR/USD surges over 3% on a daily basis
The crypto market is back in the red after a fruitful trading session on Wednesday. The larger cryptocurrencies are leading with retreat, especially for Bitcoin and Ripple.
Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive
The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.