Litecoin took over Bitcoin Cash and is now one of the top 5 cryptos of the global market as it trades above $100. However, LTC took over BCH even before the current, complete bullish crossover above $100 as the former’s market cap aced above the latter. Alongside, it has been over the past two days now that the largest cryptocurrency by market capitalization has been trading in the ultimate bullish zone and has already marked a fresh All-Time High, this time above $23k.
Litecoin, just like Ethereum and XRP, has been one of the oldest and the most reliable cryptos amongst the many from the global digital assets market. LTC has breached 16-month resistance and hit a high above $110 at $112, while currently trades below $110 at $107 with a complete bullish sentiment.
— Rekt Capital (@rektcapital) December 17, 2020
LTC, after consolidating around $60 and $80 for the longest time in the ongoing year before the bulls gripped and led the coin to trade above $100.
Litecoin Price Analysis
The 2-day chart of Litecoin against the US Dollar shows a clear rejection above $85 over the past 16 months now, and with a long bullish candlewick, LTC/USD price trend is seen breaching the upper band. Alongside, as the market gains utter traction, Litecoin and major altcoins are also seen pumping. The Bollinger Bands are seen widening moderately, and therefore, we expect a volatile bullish movement as per the current momentum in the near-term.
On the above 2-day chart, LTC price retains support from 50-day and 200-day MA at $62 and $52, respectively. A clear breach above $100 has led to retrieving to a bullish crossover as per the market’s technical tools.
After emphasizing the 2-day movement of Litecoin against the greenback, the YTD movement of the coin has been showing a choppy pattern since the mid of the previous month. Due to this choppy pattern, LTC/USD tested 50-day MA support at the onset of the ongoing month, and with a further rise in the succeeding weeks, the Litecoin price is retaining support from 50-day and 200-day MA on the daily chart at $74 and $55, respectively.