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. 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

BTC/USD is on the verge of a massive rally, on-chain data implies

Bitcoin's address activity has reached 1.07 million, which is the highest level since January 2018, according to the cryptocurrency data provider Santimnet.

More Bitcoin News

EOS /USD enters bullish phase, gains 2% in a matter of minutes

EOS/USD catapulted to $2.44 having gained over 2% of its value in a matter of minutes. By the time of writing, the coin retreated to $2.40; however, it is still nearly 2% since the start of the day and 1.45% higher on a day-to-day basis.

More EOS News

XRP/USD attempts a recovery, still within the range

Ripple (XRP) has been trading in a tight range since the end of June. At the time of writing, the coin is changing hands at $0.1770, having gained over 1% since the beginning of the day. 

More Ripple News

ADA/USD drops down following a heavily bullish Wednesday

ADA/USD bears dropped the price down from $0.0976 to $0.0945 this Thursday. This followed a heavily bullish Wednesday, wherein the price flew up from $0.0833, climbing above the 20D Bollinger Band.

More Cardano News


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.

Read the weekly forecast