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Litecoin Rides Ascending Channel As Bulls Try Major Resistance

Litecoin (LTC) Flips Ripple's XRP Moving Past $167, Excitement Around Mimblewimble Launch Builds


  • LTC has risen nearly 40% off lows set last week
  • 200MA has finally held as support
  • RSI sits coiled in bull flag

Litecoin has been fairly slow the past few months as the overall cryptocurrency market has lost steam. Litecoin was one of the first cryptocurrencies and it has since stayed in the top 20. LTC has still yet to break over its previous all time high like BTC & ETH did. This has many investors speculating if the bull run for LTC is over or not.

Litecoin [LTC] Price Chart

Source: TradingView

LTC has been stuck under $147 since mid June. This resistance zone has been a struggle for bulls to overtake. At the time of writing, LTC is attempting a breakout of the first mark of this resistance zone found at $142-$147. Once LTC manages to break & hold this zone, it will be free for a large push to its target zone.

For the first time in over 60 days, LTC was able to hold the 200MA as support. This is very important as it marks a significant step towards reversing back to a bullish trend . Along with this, LTC has been trading within an ascending channel since the 20th of July. A break past any of the two trends will likely send price in that direction. In the case of a downfall, LTC will find support at $136.

While looking at the RSI , you can see a bullish flag has been drawn. This is a sign that buyers are still strongly in this market and are pushing for a move to the upside. Any break over the 70 value will surely send LTC soaring. The MACD has been overly flat the last 4 days which indicates a strong move is impending. A bearish cross will possibly send LTC back to its support line.

LTC Intraday Analysis

  • Spot rate: $141.91
  • Trend: Bullish
  • Volatility: Medium
  • Support: $136.31
  • Resistance: $142.30

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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