Litecoin rallies above 179.14


LTC/USD rallied today, after hitting support at 161.15 yesterday. The rally took the crypto above yesterday’s peak of 179.14, thereby confirming a forthcoming higher high. This, combined with the fact that the price continues to trade above the upside support line drawn from the low of July 20th, keeps the near-term outlook positive.

We believe that the break above 179.14 may have opened the way towards the 197.15 zones, which is defined as resistance by the peak of June 3rd. If that area is not able to stop the advance either, then a break higher could see scope for extensions towards the 208.20 territories, marked by the high of May 27th.

Shifting attention to our short-term oscillators, we see that the RSI turned up after hitting support at the 50 lines, while the MACD, already positive, appears ready to move above its trigger line. Both indicators detect strong upside speed and support the case for further advances in this cryptocurrency.

On the downside, a dip below the 158.10 barriers, marked by yesterday’s low, could signal the break of the aforementioned upside line and could set the stage for the 144.95 barriers, the break of which could allow extensions towards the 133.95 zone, which provided strong support between July 28th and August 5th, or the 126.80 territories, marked by the low of July 27th.

LTCUSD

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

68.02% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Decentraland price targets $2.50 to terminate downtrend

Decentraland price at an inflection point. MANA completed a 50% logarithmic retracement, fulfilling conditions for a new floor to target new highs. $2.50 is the critical resistance zone to break above to initiate a new bull run.

More Decentraland news

Binance Coin price needs to reclaim $414 to avoid further losses

Binance Coin price must reclaim $414 as support in order for the bulls to target higher levels. BNB may be confronted with a stiff hurdle at the 50% retracement level at $504. If BNB fails to slice above $414, the exchange token may drop lower.

More Binance Coin news

Cardano price struggles with recovery as ADA bulls confront challenges ahead

Cardano price is struggling to lift prices higher although selling pressure eased. ADA may continue to be sealed in a consolidation chart pattern as the token confronts stiff resistances ahead while the buyers attempt to target higher levels.

More Cardano news

Crypto.com gives up 7% gain post Fed, CRO at a make-or-break point

Crypto.com price was handed a massive rejection move during the Wednesday trade session – as did the broader cryptocurrency market. As a result, the interpretation of Wednesday's candlestick leans heavily on the bearish side of the trade.

More Crypto.com news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP