Tanya Abrosimova
Independent Analyst
- Litecoin has been growing strongly recently.
- LTC/USD needs to climb above $130.00 to proceed with the recovery.
Litecoin is the best performing cryptocurrency out of top-20. The 5th largest asset with the current market capitalization of $7.9 billion has gained over 11% of its value in recent 24 hours and hit $130.83 high during early Asian hours on Tuesday. Despite a retracement to $128.25 by the time of writing, LTC/USD outperforms the rest of the market.
From the long-term perspective, LTC/USD continue moving within a strong bullish trend, with the initial support now at $120.00. A sustainable move below this handle will trigger more sell-off with the potential bearish aim at psychological $100.00 strengthened by 50% Fibo retracement for the large upside b=move from June 2018 low. The coin stays on a recovery track as long as it trades above $93.00 area, supported by a confluence of SMA100 (Simple Moving Average) on a weekly chart and SMA50 on a daily chart.
On the upside, we will need to see a strong move above $130.00 Monday’s high). Once it happens, the focus will shift onto $156, which is 38.2% Fibo retracement for the more substantial downside move from December 2017 high to December 2018 low.
LTC/USD, 1-day chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?