Litecoin (LTC) Price Analysis: Fresh Increase Likely As Bitcoin Breaks $6.3K

2019-5-10 07:52

Litecoin price formed a strong support near the $72.00 level and recovered against the US dollar. LTC broke the $74.00 resistance and it could accelerate gains along with bitcoin.

Key Talking Points

Litecoin price remained well supported near the $71.50 and $72.00 levels (Data feed of Kraken) against the US Dollar.There was a break above a key bearish trend line with resistance near $74.00 on the hourly chart.LTC price is gaining bullish momentum and it could climb above the $77.00 and $78.00 levels. Litecoin Price Analysis (LTC)

In the past two sessions, there was a strong rally in bitcoin, while gains were contained in altcoins such as Ethereum, EOS, litecoin and ripple against the US Dollar. Earlier, the LTC/USD pair declined below the $74.00 level and tested the $72.00 support area.

Looking at the chart, LTC price traded as low as $71.99 and later started consolidating in a range. It slowly moved above the 50% Fib retracement level of the last decline from the $77.92 high to $71.99 swing low.

Finally, the bulls came into action, resulting in gains above $74.00, $75.00, and the 100 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $74.00 on the hourly chart.

The pair even surged above the 76.4% Fib retracement level of the last decline from the $77.92 high to $71.99 swing low. It traded close to the $77.92 swing high and remains in a decent uptrend.

It seems like there could be a short term downside correction towards $75.00 or $74.00 before the price climbs higher again. On the upside, a break above the $78.00 resistance will most likely open the doors for a sharp upward move towards the $80.00, $82.00 and $84.00 levels.

Overall, litecoin price is slowly gaining momentum along with bitcoin. However, LTC price must break the $78.00 resistance level to continue higher. Conversely, if there is a downside correction, the price may find bids near the $75.00 or $74.00 level in the coming sessions.

The market d2ata is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Fresh Increase Likely As Bitcoin Breaks $6.3K appeared first on Ethereum World News.

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Litecoin (LTC) на Currencies.ru

$ 85.04 (+0.04%)
Объем 24H $290.093m
Изменеия 24h: 1.52 %, 7d: 1.64 %
Cегодня L: $84.85 - H: $85.44
Капитализация $6.345b Rank 20
Цена в час новости $ 76.76 (10.79%)

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