Choose your language:
The cryptocurrency market has been rallying over the weekend, and Litecoin’s price surge could see it reach $150 soon
The cryptocurrency market recorded a positive weekend, with several cryptocurrencies rallying. Bitcoin finally surpassed the $35k resistant level and is now trading just above $38k. Ether is also well above $2k and is heading towards the $2,500 resistance point.
Litecoin wasn’t left out, with the cryptocurrency’s price rising by 9% over the past 24 hours. After reaching $130, the rally could continue, and the cryptocurrency’s price could reach $150 for the first time since 21 June.
The LTC/USD 4-hour chart is looking very bullish at the moment, thanks to an extended rally from the broader cryptocurrency market. LTC is now well above its 100 simple moving average (SMA) on the 4-hour chart at $124, providing especially strong support around that region.
The moving average convergence divergence (MACD) line is well into the bullish territory, a sign that the rally might continue if the market conditions hold. Litecoin’s relative strength index (RSI) is also in the overbought region, the first time it has entered this region for about a month.
LTC/USD 4-hour chart. Source: Coinalyze
LTC is currently trading at $137 per coin. If the current rally continues, Litecoin could soon surpass the $144 resistance point and head towards $150. An extended market rally could see the LTC/USD pair attempt to reach the $170 over the next few hours or days. However, the extended rally is dependent on the performance of the broader cryptocurrency market.
In the event that the bears regain control of the market, Litecoin could lose its minor support at the $130 level. A further decline below $120 could then be expected. However, the support level at $108 should limit any downward movement that could see Litecoin slip below the $100 mark.
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: