Litecoin price jumped 13% in a matter of hours; $200.00 within reach

LTC/USD has switched to the bullish mode
A combination of good news has triggerd the upside

Tanya Abrosimova Independent Analyst

The Litecoin price movement looks impressive as it jumped more than 13% from the day opening level within a couple of hours. While no fundamental answer to the question why Litecoin is rising is readily available, the technical implications may be tremendous.

LTC/USD broke above 61.8% Fibonacci and the 100 DMA around $173, which triggerd more buying orders and pushed the coin towards the ultimate resistance at. Once it is broken, $200+ level will be in no distance at all. Further upside ma be limited as $200.00 area is strenthened by both 50-DMA and 61.8% Fibonacci.

There has been a number of Litecoin positive news published lately. Litecoin new payments solution known as Litepay is scheduled for release on February 26. It is a welcoming development as it will allow businesses to accept Litecoin payments and official Litecoin debit cards, bringing the cryptocurrency closer to mainstream.

Also Microsift will use Litecoin platform as a foundation for its decentralized identity system along with Bitcoin and Ethereum.

LTC/USD, daily chart