Litecoin price analysis: LTC/USD bulls reclaim $56 support amid growing demand across the market

  • Litecoin’s upside is limited under the trendline resistance.
  • A positive technical picture is growing as Litecoin bulls target $60 in the near-term.

The cryptocurrency market is currently reviving the trend following minor corrections from what analysts regard as a fake. Litecoin is flexing its bullish muscles after failing to impress the investors over the last couple of days.

On Wednesday, Litecoin is up 1.61% after opening the session at $55.78. A bullish action touched highs around $56.74. At the time press, LTC/USD is trading at $56.66 while the bulls look forward to blasting through $60. Still pressing down on the price is the descending trendline resistance.

Although LTC is still trading below the simple moving averages, the double-cross of the 50 SMA on the hourly chart under the 100 SMA signals that the technical picture is improving gradually. Moreover, the relative strength index (RSI) is also above the oversold levels (70) and pointing upwards. In the event, a breakout above $60 fails to materialize and a reversal occurs, the recent support at $50 will come in handy.

LTC/USD 60’ 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ethereum, Ripple: Market ready to launch, not knowing who will lead it

One of these stories is the intense and profound relationship between Ethereum and Bitcoin. The story approaches a moment of decision, where what happens can mark the future.

More Bitcoin News

Ethereum Price Analysis: ETH/USD reverses Sunday gains as Istanbul-inspired enthusiasm is over

ETH/USD has retreated from the recent high of $152.14 reached on Sunday, following the successful Istanbul upgrade.

More Ethereum News

IOTA price analysis: IOT/USD loses ground, ignores positive fundamentals

IOTA is flashing with red colors. The coin retreated from the 18th position a month ago to 20th place in the global cryptocurrency rating amid strong bearish sentiments.

More IOTA News

Tezos Price Analysis: Whales send XTZ/USD to multi-month high

Tezos  (XTZ) is the best-performing digital asset today. The coin has gained over 6% of its value in recent 24 hours while all Bitcoin and all major altcoins have stayed in tight ranges amid low trading activity. 

More Tezos News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast