Litecoin (LTC), at the time of penning down this analysis, was seen breaching 6-month resistance around $69 but is seen facing a strict resistance at $70 and beyond. Litecoin is ready for the next upgrade that will eventually improve the network’s ability to scale and handle a greater number of transactions in the upcoming month.
Moreover, this privacy-based crypto has recorded a $623 million move in the past 48 hours, recognizing the financial freedom of millions built on it. One of the top 10 cryptos of the market is a complete package for financial freedom leading to long-term investment in a portfolio where intraday returns are of the least concern.
One has thousands of tokens built on it
One has the financial freedom of millions built on it
— David Schwartz (aka – Dasch) (@DaddyCool1991) August 17, 2020
Litecoin Price Analysis
Litecoin, on the above 24-hourly chart, is seen breaching the 6-month resistance at $69 slightly below $70—where it is facing the major resistance. However, after trading in a narrow trading price range after the market crash in March, it is now above 61.80% Fib Retracement level.
On the above 24-hour chart, the LTC price trend rose above 38.20% Fib Retracement Level with a steep surge towards the end of the previous month. With yet another steep bullish crossover, LTC price trend rose above 50.0% Fib, followed by breaching 61.80% Fib against the US Dollar.
Taking an emphasized view of the price movement of Litecoin, on the above 5-hourly chart, it started strengthening nearly in the last week of the previous month. After having risen above $45, it has tested supports as low as $52 in the previous weeks of the ongoing month compared to the recent high. With the intraday bullish move, the price trend of LTC/USD is seen breaching the upper 20-day Band, and therefore, we project short-term volatility.
With complete support from MA50 & MA200 at $58 & $51, Litecoin is holding a bullish divergence on the MACD chart with a positive bias. The RSI also confirms the amplified demand of LTC as it lies at 74.51 above the major upper break at 70.