Litecoin price analysis: LTC/USD correcting higher by 8% as G20 summit concludes without cryptocurrency regulation

G20 summit ends in Argentina without cryptocurrency regulation; a boost for the digital assets.

LTC/USD continues with the bullish momentum, upside gains capped below $175.

Litecoin price is forming a proper upside trend above $170 as the bullish momentum returns in the market. The crypto has formed support levels at $170 and $167 respectively. In spite the recent upside gains, LTC/USD is still far from achieving the December last year highs.

The digital assets received a boost at the start of this week after the G20 group of countries said that they will not be imposing cryptocurrency regulations. Besides, they do not view cryptocurrencies as currencies per say but as commodities of value.

A statement released after the summit read:

“We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly,”

Litecoin technical analysis

There was an upside movement from yesterday’s low at $156. From here the currency reversed to the upside and the price made a sharp comeback to record highs of $173. The bullish momentum continued during today's trading session with the upside gains capped below $175. LTC/USD is currently trading below the upward sloping 50-simple moving average trendline which is acting as support according to the adjustment by the 50 DMA. The 23.6% Fibonacci retracement level with the previous high at $175 and $138 low is working as a major support level at $167.

LTC/USD price hourly chart