Litecoin price analysis: LTC/USD taken out 100 and 50 DMAs

  • Litecoin up as much as 17% during trading on Thursday
  • 100 & 50 DMAs are broken on the upside move
  • Next resistance potentially eyed at $244, 38.2% Fibonacci

 

The Litecoin price is seen outperforming once again during trading on Thursday, up around 17%. This week Litecoin has outperformed its peers, across the crypto market. There hasn’t been anything official coming from the Litecoin camp, however as previously noted, markets awaiting the release of Litepay.

Within recent trading, the price has taken out the 100 DMA, which was seen at $177 and the 50 DMA at $198, on its aggressive move higher. The price is only seen down around 50% now from the highs at the back end of 2017, the way the market has been moving, something that would not be a massive surprise to see make up.

LTC/USD on the daily frame, has gathered some pace in the move higher, after a breakout of a descending channel. Next resistance is seen around the 38.2% Fibonacci, $244. Support is notable at the 50% Fibnonacci, $204, and then the previously mentioned 50 and 100 DMAs. 

 

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 securities. 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 Forex 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.