• The prevailing trend is bullish but Litecoin is down 0.65% on the day.
  • Litecoin is trading at $89.80 with the immediate upside limited by a confluence around $90.

Litecoin is dancing in the red just like the other major cryptocurrencies. Having opened the session on Tuesday at $90.40, the digital asset’s value ascended to highs at $91.79 before retracing to the current market value of $89.80.

Although the prevailing trend is bullish according to the live rates table, Litecoin is down 0.65% on the day. Looking at the hourly chart, there has been a formidable correction from yesterday’s support at $84.00. In fact, the price stepped above the moving averages as well as the hurdle at $92.00 hitting highs of $92.93.

Another short-term support has been established at $88.00 with $86.00 standing in line to offer support. At the moment, Litecoin is trading at $89.80 with the immediate upside limited by a confluence created by the 100 Simple Moving Average (SMA) 1-h, 50 SMA and the 100 Exponential Moving Average 1-h.

Technical indicators are in favor of the bulls with upside correction expected in the coming sessions. The Relative Strength Index (RSI) continues to trend upwards hinting growth while the Moving Average Convergence Divergence almost crossing into the positive area indicates growing bullish momentum in the near-term.

LTC/USD 1-h 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 & Analysis

Editors’ Picks

BTC/USD range-bound as CME’s futures option catch momentum

Following the failed attempt to correct above $9,200, Bitcoin suffered a devastating correction that sent it back to the support at $8,500. While the bulls acted quickly and pushed BTC above $87,600.

More Bitcoin News

Cardano Price Rises Above The 50 SMA: Ouroborous BFT consensus to launch mid-February

The crypto market is mixed and green. Among the digital assets in the green is Cardano (ADA). The last 24 hours have seen Cardano grow 7.33% from lows around $0.0420.

More Cardano News

BCH/USD spotted falling triangle hints imminent breakout

Bitcoin Cash is among the many cryptocurrencies struggling to stay afloat above key support areas. The tag pf war started on Monday when Sunday’s recovery hit rocks across the board.

More Bitcoin Cash News

Litecoin may undergo a soft fork to enhance security

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, has stayed mostly unchanged in recent 24 hours.  At the time of writing, LTC/USD is changing hands at $57.25, off the recent high registered at $63.17 on January 17. 

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP