• Litecoin extends the bullish leg towards $42.00 resistance but a descending trendline stands in the way.
  • LTC/USD bullish action is supported by both the RSI and the MACD.

Litecoin is slightly in the green even though the majority of cryptocurrencies in the market are in consolidation. Bitcoin is holding the ground above $9,100, Ethereum is flirting with $225 while Ripple is trading below $0.18. LTC/USD is exchanging hands at $41.00 while battling the resistance at the descending trendline. The bulls have their eyes on $42.00 seller congestion (also previous support).

On the downside, LTC/USD is embracing support at the 50 SMA. Other key support areas include at $41.00, the range between $40 and $40.50. For now, breaking the above the trendline resistance is a priority among the bulls.

Technically, Litecoin is in the hands of the bulls as supported by the upward-pointing RSI. A movement towards the overbought region would boost the bulls’ confidence in the recovery. Moreover, signals from the MACD display a stronger bullish picture. Besides, the MACD has just crossed into the positive region and is featuring a bullish divergence.

Read moreCryptocurrency Market News: Bitcoin popularity surges in the UK

LTC/USD daily 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


Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP