Litecoin is the eighth-largest digital asset with an average daily trading volume of $1.6 billion and a current market cap of $2.8 billion. After LTC/USD nears a $45 barrier close to the significant moving average 5, Litecoin is poised and ready for another push upside as the bull’s pullback. After days of consolidation, technicals for the LTC/USD pair have flipped bullish. LTC/USD is changing hands at $43.46 at the time of this post, easing roughly 2 percent daily. According to the data provided by the Litecoin Foundation, over 300k fresh Litecoin wallets with non-zero deposits were set up during the prior week. The strategic alliance with the cryptocurrency financing service Cred may have facilitated the setting up of LTC wallets.
*After days of consolidation, technicals for the LTC/USD pair have flipped bullish
*LTC/USD is changing hands at $43.46 at the time of this post, easing roughly 2 percent daily
*Over 300k fresh Litecoin wallets with non-zero deposits were set up during the prior week
Resistance Levels: $55.50, $50.00, $45
Support Levels: $43.00, $41.31, $39.50
LTC/USD Daily Chart: Ranging
LTC/USD Daily Chart
The MA 50 and MA 200 rank beyond the present market price at $43.46 on the daily chart for the LTC/USD, confining the bull run. The prior day’s bull reached the mark at $44.28, eventually rising steadily at $44.46 beyond the MA 50, during the current session. Beneath both MA’s LTC/USD stays vulnerable to medium to long-term declines.
A continuous breach beyond the $45.00 level of resistance may see traders raising bullish positions against the LTC/USD pair. The LTC/USD pair is only bullish while exchanging beyond the level of $45.00, the main resistance is seen at levels between $50.00 and $55.00. Once the LTC/USD pair exchanges beneath the $43.00 level, sellers may test the support levels of $41.31 and $39.50.
LTC/USD 4-Hour Chart: Ranging
LTC/USD 4-Hour Chart
LTC/USD has formed a head-and-shoulders trend on the intraday charts which leads to a reversal. Once the price falls beneath the neckline at $43.00, the bearish traction with the next emphasis on $42.12 may gain a foothold. This support is bolstered by 4-hour MA 50 beneath. The sell-off may proceed against the horizontal support level of $41.31 until it is out of the path.
The actual rebound is pegged at $43.65 per 4-hour MA 200. Once it’s out of the path, the positive side is likely to gain momentum with the next emphasis on $44.00 confirmed by the recent high at $44.46. To establish traction upside and target at $45.00, a stable push is required over this region. Besides that, the key resistance emerges at the psychological $50.00 level.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock