Litecoin price analysis: LTC/USD is skyrocketing, bulls test area above $130.00
- 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
Author
Tanya Abrosimova
Independent Analyst
