Litecoin value prolonged good points and traded above the $52.00 resistance towards america buck. LTC corrected decrease, however it stays neatly supported above $47.50 for extra good points.
Key Talking Points
- Litecoin value remained within the bullish zone and broke the $50.00 resistance (Data feed of Kraken) towards america Dollar.
- There is a key contracting triangle shaped with resistance at $49.10 at the hourly chart.
- LTC value is more likely to resume its uptrend above the $50.00 and $52.00 resistance ranges.
Litecoin Price Analysis (LTC)
Earlier this week, there was once a sharp upward move from the $46.00 give a boost to space in litecoin value towards america buck. The LTC/USD pair broke the $48.00 resistance space or even climbed above the important thing $50.00 resistance.
Looking on the chart, LTC value won bullish momentum above the $50.00 resistance and the 100 hourly easy transferring moderate. The value even broke the $52.00 resistance and a brand new per month prime at $52.27 was once shaped.
Later, the associated fee began a drawback correction and traded under the $50.00 give a boost to degree. The value declined under the 50% Fib retracement degree of the hot wave from the $46.18 low to $52.27 prime.
There was once even a destroy under the $48.00 degree earlier than consumers seemed close to the $47.50 give a boost to. The 76.4% Fib retracement degree of the hot wave from the $46.18 low to $52.27 prime acted averted declines under $47.50.
Moreover, the 100 hourly easy transferring moderate acted as a robust give a boost to (lately above $47.80). The value bounced again and traded above the $48.50 degree. At the outset, there’s a key contracting triangle shaped with resistance at $49.10 at the hourly chart.
It turns out like litecoin value is making ready for the following key destroy both above the $49.00 resistance or under the $48.00 give a boost to. On the upside, a destroy above the $49.00 and $50.00 resistances may just spark extra good points. The subsequent forestall for LTC value might be $52.00 and $53.50. On the opposite hand, a drawback destroy under the $48.00 give a boost to and the 100 SMA might most likely get started a longer correction in opposition to the $45.00 give a boost to degree.
The marketplace knowledge is equipped by means of TradingView.
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