The $6 billion crypto surge propels Litecoin above $55: What's next for LTC/USD?


  • Litecoin was yesterday’s market leader with gains of more than 15%.
  • It is likely that LTC will stay above the short-term support at $53.

A brief rally visited the cryptocurrency market yesterday. At least $6 billion was added to the total market capitalization pushing the market value above $130 billion. However, there has been ‘a flash crash’ across the board today with most assets retracing after the gains encountered glitches.

Litecoin was yesterday’s market leader with gains of more than 15%. From the key support at $45.00, the buyers pushed the digital asset above $50. There was a hiccup where the price struggled unable to break past $54.00. However, the bulls managed to extend the leg above the critical $55 forming a high at $55.61.

The bullish moment reclaimed litecoin’s position above the broken channel support as observed on the 1-hour chart. LTC/USD has attempted to break past the channel resistance but has failed on all of the accounts. For now, Litecoin is valued at $54.54 after correcting higher 1.26% on the day. Litecoin and Bitcoin Gold are the only assets still in the green in the wake of the brief rally.

It is likely that LTC will stay above the short-term support at $53. However, if this level caves in $50 will come in handy to stop the declines. The Relative Strength Index (RSI) is holding ground in the overbought to show that the buyers are still in control in spite of the correction.

LTC/USD 1-hour chart

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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 Price Prediction: BTC/USD en route to $20,000 by end of 2020

Bitcoin price has employed defense mechanisms after a breakdown from highs above $10,000. The price formed a weekly low below $9,400 before recovering above $9,600. The trading commenced at $9,667 on ...

More Bitcoin News

Ripple Price Analysis: XRP/USD sandwiched between SMA 200 and SMA 50 curves

XRP/USD dropped from $0.203 to $0.2028 as Wednesday’s sessions came to a close. The price is floating above the green Ichimoku cloud and between the SMA 200 and SMA 50 curves.

More Ripple News

ETH/USD trends near the upper curve of the 20-day Bollinger band

ETH/USD went up from $237.65 to $242.16 as Wednesday’s session came to a close. The price is trending near the upper curve of the 20-day Bollinger band, as the MACD shows increasing bullish momentum. 

More Ethereum News

IOT/USD outperforms Bitcoin, spikes above the Ichimoku Kinko Hyo

IOTA is towering above major cryptocurrencies in the market following a 1.7% growth on the day compared to Bitcoin’s 0.08% gain. Other cryptoassets such as Ethereum and Ripple have ...

More IOT 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