Price Analysis

Litecoin Surges to $64; Expected to Breach Major Resistance at $65

Litecoin was trading below $60 for quite a long time now with a few traces around the trading price of $60 and $61 in the past 10 days. However, it was just yesterday, when LTC soared around $64, giving a new 7-day high. With this the market cap, as well as the 24h volume is on a spree and records $4,725,921,529 and $4,027,051,778 values, respectively. LTC’s current trading price has also pumped up its ranking and is currently positioned at 6th place in the global market.

Currently, Litecoin price is rightly supported by 10 and 50-day EMA around $60.

Litecoin Price Prediction:

Litecoin to USD Price Chart
Litecoin Chart by TradingView

Analyzing the intraday movement of Litecoin, we see that the coin has exhibited a head and shoulder pattern wherein on the previous day LTC price was in the range of $62–$64. The last higher high price recorded in the mentioned time frame gave the new 7-day high at $64.23. The coin recorded a growth of 2% and rightly hit the major resistance then at $60 and is currently correcting downwards.

After having traded in the range of $50–$60 to a major extent, LTC has recorded a notable growth, yesterday. The lowest point within the said intraday movement was at $60.99, from which the Litecoin to USD price has grown by 5.13%, within no time. And, with this, the trading volume also took a great turn yesterday. It had even recorded a 5.23% price rally on Monday. However, today has been a confusing start to the day as it started on a low note and is currently fueling up.

Technical Indicators:

Resistance level: $64 and $65

Support level: $62 and $60

The 10-day MA is providing the grounded support at $59.77, while the 50-day MA is below it to have a defined fall if plunges below the said support levels.

The MACD of Litecoin is slightly above zero with a sheer bullish outlook, and the RSI seems to be correcting near 60 after having hit the overbought region.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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