LTCUSD approaching support, potential bounce!
LTCUSD 0.91% is approaching our first support at 50.58 (horizontal swing low support, 61.8% Fibonacci extension , 78.6% Fibonacci retracement ) and a strong bounce might occur above this level pushing price up to our major resistance at 56.95 (horizontal overlap resistance, 61.8% Fibonacci extension , 50% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching our first support and we might see a corresponding bounce in price should it bounce off this level.
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Litecoin (LTC) Price Today – LTC / USD
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LTC Prepping for a massive move
We have been long from $55. LTC has had this broken wedge probably for the longest period of time. We have carved a bottom out at this $50 area.
MACD has crossed to the upside and is looking to build momentum. Once we break above this $70 zone, we will be moving much higher.
If we use Fib’s for our targts, the first target would be in the 175 zone. We’ll gauge once we break 175 to see how fast and high we go up.
Key Talking Points
- Litecoin price is currently placed nicely above the $52.50 support level (Data feed of Kraken) against the US Dollar.
- There is a short term contracting triangle forming with support at $52.80 on the hourly chart of the LTC/USD pair.
- LTC price could test the $52.50 and $52.00 support levels before an upward move.
Litecoin Price Forecast
There was a nasty upward move in litecoin price above the $54.00 resistance level against the US dollar. The LTC/USD pair traded above the $56.00 resistance before sellers appeared near the $58.00 level.
Litecoin Price Pursues the $60 Level Despite Losses Against Bitcoin
A lot of cryptocurrencies have noted some strong gains over the past few hours. This is primarily because Bitcoin is firing on all cylinders during this brief bullish spell. The Litecoin price also reaps the benefits of this uptrend, as it has surpassed $55 once again. The losses against Bitcoin, however, are a bit worrisome.
Litecoin Price Trend is Promising
It is still too early to determine if this current cryptocurrency price trend will remain in place for very long. After the past hour, it seems some of the upward momentum is already coming to an end up for some altcoins. Litecoin seemed poised to gain over 10% today, yet it has already lost some of those gains in the past few minutes. At this time, there is still a 3.5% increase, which is more than respectable.
Given this small gain, it is interesting to note the LTC/BTC ratio as well. Despite a 3% setback in this department, the altcoin is still looking pretty healthy right now. This current market momentum will stand or fall based on whether or not Bitcoin’s uptrend can remain in place for a few more hours. Right now, it seems that could be the case, though nothing is ever guaranteed in crypto land.
Despite the image Litecoin has in the cryptocurrency world, it would seem Wirex users are not too interested in using this coin on the platform. More specifically, the company asked which currency Max Meilleur should use for his first card-based purchase. Options include LTC, BTC, XRP, and Ethereum. So far, the people want to see XRP being used for debit card transactions, which is a remarkable sentiment.
