Litecoin has seen a promising increase of almost 12% over the past 24 hours which allowed it to surge back above the $100 level and reach where it currently trades at $102.45. This price bounce comes after a month of depreciation in which Litecoin has suffered a 25% reduction.
LTC remains the 4th largest cryptocurrency with a market cap of $6.35 billion. With the Litecoin block halving only 17 days away if this latest bounce continues we can expect it to go on climbing higher.
Looking at the LTC/USD 1-Day Chart:
- Since our previous Litecoin analysis, Litecoin continued to drop beneath our highlighted support at the rising trend line. After collapsing below this, Litecoin fell heavily, dropping beneath both the 100 days EMA and 200 days EMA to reach support at $77.45, which contains the short term .886 Fibonacci Retracement level, where the rebound occurred. The bounce caused LTC to sail back above the $100 level as it currently tests the 100 days EMA.
- From above: The nearest level of resistance lies at the current $102 level as it contains the 100 days 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 that caused the market to reverse during June 2019.
- From below: The nearest level of support lies at $100, $95, $90, and $85 (contains the 200 days EMA). Below $85, further support lies at $80, $77, $74, and $70. If the sellers continue beneath $70, the next level of support lies at $67, $63, $60, and $56.
- The trading volume has risen above average during the recent sell-off and rebound.
- The Stochastic RSI has recently produced a bullish crossover signal as we wait for the moving averages to expand away from each other. Furthermore, the RSI itself has approached the 50 level as we wait for a break above to signal the bulls are in control of the momentum.
Looking at the LTC/BTC 1-Day Chart:
- Against Bitcoin, we can see that LTC fell further lower beneath the support at 0.01 BTC. LTC/BTC dropped to as low as 0.008244 BTC which is support provided by the short term .886 Fibonacci Retracement level. After reaching this level, LTC rebounded against BTC as it now trades around 0.00962 BTC.
- From above: The nearest level of resistance lies at 0.01 BTC. Above this, the next level of resistance lies at 0.0106 BTC, 0.01138 BTC, and 0.012 BTC (which contains the 100 days EMA and 200 days EMA). If the bulls climb above 0.012 BTC, higher resistance lies at 0.013 BTC and 0.0135 BTC.
- From below: The nearest level of support lies at 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 then lower support is located at 0.0078 BTC and 0.0068 BTC.
- The trading volume has also spiked above the average level over the past couple of days.
- The RSI has breached above the 50 level which shows the bulls in control of the market momentum and the Stochastic RSI has produced a bullish crossover signal – a promising sign for the buyers.
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