It seems as though the market is taking baby steps towards a gradual and slow recovery before it sees a full-fledge bullish rally. Bitcoin, after it started a rebound from its dip below $4000, has been facing frequent hurdles while it is yet to cross the $7000 price mark.
Over the last couple of days, BTC has witnessed its price rebound, facing a bit of turbulence amid the overall sluggish market. It is since yesterday where the leading crypto Bitcoin has been trading above $6000 comfortably.
Litecoin Price Chart
Meanwhile, LTC halted its price drop yesterday as soon as it opened. The opening price at $35.39 acted as a strong support level, and it initially struck a few bullish spikes at $36.56 and $37.39. Here, a downward correction took place as LTC coin dropped as low as $35.50.
The bullish trend line completed when the coin shot up above $39 with an extremely bullish approach. After a pullback near $37, the coin resumed its price rise and closed above $39.83. In the last few hours, Litecoin has made a few more impressively bullish price moves.
The coin has tested the resistance level at $40, but rejections have pushed the coin back to $39 price range. Moreover, the coin is well above the 38.20% fib level along with the 200-day EMA line too. The moving averages are also confirming the current bullish nature of LTC’s price trend. However, contradicting this, the MACD chart is in the bearish zone.
This month has been worrisome for many as all the markets have endured colossal losses. Litecoin, too had dropped with a decline of 52%. The coin is slowly moving upwards, but it is difficult to predict regarding its sustainability.
In this chart, the LTC price is below the 200-day EMA line, however, the coin is aiming to cross the same in the little long run. As per the LTC prediction, the currency might cross $42 mark soon as it has already started recovery.