Choose your language:
The general cryptocurrency market is rallying again after stagnating for the past few days
The cryptocurrency market has resumed its rally after days of stalling, with Bitcoin crossing the $50,000 threshold once again. This performance has trickled down to the entire market, with Ether, Cardano, XRP, Binance Coin and several other leading cryptocurrencies all up by more than 5% in the past 24 hours.
Litecoin is also performing excellently after rising by more than 5% in the last 24 hours. LTC surpassed the 23.6% Fib level at $178 to break past the $180 resistance mark. Litecoin could look to test further resistance levels over the coming hours if the current market conditions persist.
The short-term performance of the broader market is promising and market participants are still optimistic about the long-term projections.
The LTC/USD 4-hour chart currently has a bullish outlook thanks to its performance over the past few hours. After rising by more than 5% in the last 24 hours, Litecoin’s RSI is currently above 60 while its MACD line has crossed the divide and is currently in the bullish zone.
LTC/USD 4-hour chart. Source: TradingView
Litecoin has managed to surpass yesterday’s high of $182 and looks set to extend its rally over the coming hours. If LTC continues on this current path, it could test the next major resistance level at $192 and aim for the pivot at $200. An extended rally from the broader cryptocurrency market could help LTC test the second major resistance around the $210 region.
However, failure to maintain the current bullish momentum could see LTC fall towards its downward pivot at $177. This would bring the first major support level at $170 into play, which is also the cryptocurrency’s 100 simple moving average. Unless there is an extended period of sell-off in the market, Litecoin should comfortably defend the sub-$170 levels. Currently, Litecoin’s second major support level stands around the $163 region.
Check out our how to buy Litecoin page here
Keep updated with our round the clock and in-depth cryptocurrency news.
No SPAM ever!
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Choose your language: