Litecoin’s price has experienced a promising increase of almost 12% over the past 24 hours, having surged back above the $100 level to $102.45. This bounce comes after a month in which Litecoin suffered a 25% reduction in price.
LTC remains the fourth largest cryptocurrency by market value, with a market cap of $6.35 billion. With the Litecoin block halving only 17 days away, we can expect this bounce to go much higher if it continues.
Looking at the LTC/USD 1-day chart:
- Since our previous Litecoin analysis, Litecoin has dropped beneath our highlighted support at the rising trend line. After breaking below this, Litecoin’s price fell heavily, dropping beneath both the 100- and 200-day EMAs to reach support at $77.45, which contains the short term .886 Fibonacci retracement level and is where the rebound occurred. The bounce caused LTC to sail back above the $100 level, and it’s currently testing the 100-day EMA.
- From above: The nearest level of resistance lies at the current $102 level as it contains the 100-day EMA. Above this, higher resistance lies at $110 and $118. If the buyers can climb above the $120 resistance, then further resistance lies at $125, $129, and $145. The resistance at $145 contains a bearish .786 Fibonacci retracement level that caused the market to reverse last month.
- From below: The nearest levels of support are $100, $95, $90, and $85 (contains the 200-day EMA). Below $85, further support lies at $80, $77, $74, and $70. If the sellers continue beneath $70, the next levels of support are $67, $63, $60, and $56.
- The trading volume rose to above average during the recent selloff and rebound.
- The Stochastic RSI recently produced a bullish crossover signal as we wait for the moving averages to diverge from one another. Furthermore, the RSI itself has approached 50 as we wait for a break above it to signal that the bulls are in control.
Looking at the LTC/BTC 1-day chart:
- Against Bitcoin, LTC has fallen lower beneath the support at 0.01 BTC. The LTC/BTC price dropped as low as 0.008244 BTC, which is support provided by the short-term .886 Fibonacci retracement level. LTC subsequently rebounded against BTC and now trades around 0.00962 BTC.
- From above: The nearest level of resistance lies at 0.01 BTC. Above this, the next levels of resistance are 0.0106 BTC, 0.01138 BTC, and 0.012 BTC (which contains the 100- and 200-day EMAs). If the bulls climb above 0.012 BTC, higher resistance lies at 0.013 BTC and 0.0135 BTC.
- From below: The nearest levels of support are 0.0094 BTC and 0.009 BTC. Beneath 0.009 BTC, further support lies at 0.0085 BTC and 0.008244 BTC. If the selling creates a fresh 2019 low, lower support is located at 0.0078 BTC and 0.0068 BTC.
- The trading volume has also spiked above the average over the past couple of days.
- The RSI has breached the 50 level which shows the bulls in control of the market, and the Stochastic RSI has produced a bullish crossover signal – a promising sign for buyers.
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Cryptocurrency charts by TradingView.