Litecoin price prediction: Further upside remains in play amid bullish technical set up


  • LTC bulls back in charge as weekend love for crypto market returns.
  • The coin looks to regain the 64 handle and beyond.  

The sixth most widely traded cryptocurrency - Litecoin (LTC/USD), with a market capitalization of $ 4.02B, extends its bullish momentum for the second day in a row this Sunday. The coin is back on the 63 handle, having gathered pace above the 61.8% Fibonacci Retracement (Fib) of the latest decline for the renewed upside. The bulls now target the last week’s high at 64.32, rejoicing the resurgence of the weekend love for most digital currencies. At the press time, the price trade near 63.20, up 1.75% on the day and 3.20% over the last 24 hours.

LTC/USD 1-hour chart

As observed on the hourly sticks, following the head and shoulders (H&S) breakout on Saturday, the price remains on track to reach the pattern target around 64.80 region. Bolstering the upbeat momentum, a bullish flag pattern is spotted, suggesting that the coin is bidding for the next push higher, with the immediate focus now on last week’s high at 64.32, where the horizontal trendline resistance coincide. On a sustained break above the last, the bulls are likely to face stiff resistance around 64.70/80, the confluence of the H&S as well as bull flag pattern target. The further upside is also justified by the hourly Relative Strength Index (RSI), which is seen reversing from the oversold territory.

Meanwhile, the downside remains cushioned by the falling trendline support at 62.66, below which the next supports awaits at the upward sloping 21-hourly Simple Moving Average (HMA) and the horizontal 100-HMA, now located at 61.82.

LTC/USD Levels to watch

LTC/USD

Overview
Today last price 63.164
Today Daily Change 1.0870
Today Daily Change % 1.75
Today daily open 62.077
 
Trends
Daily SMA20 58.1872
Daily SMA50 58.033
Daily SMA100 67.1517
Daily SMA200 85.4243
 
Levels
Previous Daily High 62.3296
Previous Daily Low 60.1714
Previous Weekly High 64.3264
Previous Weekly Low 57.3543
Previous Monthly High 64.1049
Previous Monthly Low 47.2078
Daily Fibonacci 38.2% 61.5052
Daily Fibonacci 61.8% 60.9958
Daily Pivot Point S1 60.7224
Daily Pivot Point S2 59.3678
Daily Pivot Point S3 58.5642
Daily Pivot Point R1 62.8806
Daily Pivot Point R2 63.6842
Daily Pivot Point R3 65.0388

 

 

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

Bitcoin is three steps away from $14000

Yesterday at the close of the US trading session, the BTC/USD pair broke above the long-term downward trend line and immediately shot up to the $10000 level.

More Cryptocurrencies News

XRP/USD to target at daily SMA200, if $0.2100 holds

Ripple’s XRP settled above $0.2100 amid strong bullish momentum on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2111. 

More Ripple News

BTC/USD holds above $10,000 ahead of another breakout

Bitcoin price shot above $10,000 for the first time since the first week of May. A day before halving, Bitcoin dumped massively to levels close to $8,000.

More Bitcoin News

ETC/USD has a potential to reach $8.00 if move above $7.00 is sustained

ETC discovered a bug that led to desynchronization of Parity Ethereum with ETC blockchain. The team has released a hotfix and asks all OpenEthereum node operators using this software to update to the latest version.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP