Litecoin price analysis: LTC/USD upside cooling down

LTC/USD retraced from 38.2% Fibonacci
The trend remains bullish
LitePay launch and Litecoin cash fork are supportive in the short-term

Tanya Abrosimova Independent Analyst

LTC/USD lost nearly 10% from Thursday’s peak reached at $237.14. The Litecoin price briefly crossed 38.2% Fibonacci retracement level but failed to keep the gains.

The longer-term technical picture remains bullish as long as the price stays above the broken downside trendline, which now comes at $197.00. It is followed by $190.00 ((23.6% Fibonacci) and $159.00 (Wednesday’s low). On the upside, the resistance is potentially eyed at $234.00 (above mentioned 38.2% Fibonacci retracement level).

Litecoin, now the 5th largest cryptocurrency with total market capitalization $11.8B, growing in popularity due to the upcoming LitePay deployment. This payment platform is expected to make Litecoin more in-demand and liquid.

Litecoin cash fork that is going to happen this weekend is another reason behind the LTC/USD stellar growth. The team behind the fork offers ten new LCC coins for each LTC in the crypto wallet, heating up the speculative interest despite the numerous warnings that the fork is a scam.

LTC/USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

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