Price Analysis

Litecoin Responds to BTC’s Price Rally; Reaches Above $40

  • LTC coin has recently faced rejection at $43; formed support at $41
  • The bullish trendline has been formed, and it may remain intact if the market remains in favor
  • Technical indicators are giving mixed signals at present; the coin has just formed a bullish candle

Litecoin Price Analysis

Litecoin is trading with a bullish bias since today morning as it has firmly climbed above $40. The coin is pacing up with the current market sentiment, which has turned significantly bullish today. Bitcoin has climbed above $6000, while XRP and ETH are also testing resistance levels with a positive bias.

LTC opened yesterday at $34.95, and it remained in the same zone in the initial hours. The coin escalated above $40 till 18:00 UTC, and before closing, it had one closer above $40.

Litecoin Price Chart
LTC/USD Price Chart by TradingView

Today, the coin formed a dip near $38, which is where a bullish trendline took place. The LTC price went as high as $43 and then pulled back below $41 for a while. At 12:37:03 UTC, LTC coin is trading at $41.53.

Technical indicators for the Litecoin are giving mixed signals regarding its upcoming price momentum. While the coin is above the 200-day EMA line, simple moving averages are in the bullish zone too. Notably, the MACD chart is set to enter the bearish zone with its Signal line on the upside.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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