Litecoin is attempting to push higher on this week’s cryptocurrency market amid Bitcoin’s continuing impressive upward breakout. The crypto highlights the day after progressing from an initial value of $47.43 to an intraday high of $48.50, rising 2.5 percent gain. The price action of Litecoin continues to maintain the traction of the broader crypto market with an increased volume of approx. $4,903,025,353 thus reporting a market cap of approx. $3,119,248,278. LTC/USD is trading at $47.79 at the time of writing, in an attempt to break through $50. Litecoin is progressing into enhanced privacy as the project improved on MimbleWimble (MW) integration with Litecoin Codebase, which is expected to improve the anonymity of Litecoin transactions.
*LTC/USD is trading at $47.79 at the time of writing, in an attempt to break through $50
*The crypto highlights the day after progressing from an initial value of $47.43 to an intraday high of $48.50, rising 2.5 percent gain
*Litecoin is progressing into enhanced privacy as the project improved on MimbleWimble (MW) integration with Litecoin Codebase
Key Levels
Resistance Levels: $64.00, $55.50, $50.00
Support Levels: $45.00, $37.17, $35.00
LTC/USD Daily Chart: Ranging
LTC/USD Daily Chart
At $47.79, LTC/USD is increasing in value with modest gains both daily and from the days start. The seventh-largest cryptocurrency shifted in line with expectations and bounced from the $44.47 low of Wednesday. Furthermore, the resistance area may restrict the further upside at $50 and the next barrier established by the MA 50. From the last weekend, the MA 50 prevented the upside and established its position as a heavy resistance.
The bullish momentum is likely to persist, depending on the upside movement of the RSI from levels near to the mid-range. The ascending trendline reinforces the same bullish trend. Albeit the pattern is now in the ranging area, upward momentum had also ebbed and flowed toward $50 while the MA 50 and MA 200 may converge to drive up prices. In other terms, in upcoming sessions, Litecoin is positioned to test the resistance threshold at $50.
LTC/USD 4-Hour Chart: Ranging
LTC/USD 4-Hour Chart
Short-term technical analysis already suggests that once the $50.00 level is violated, the LTC/USD pair may rebound against the $51.00 range. Towards the downward, a prolonged collapse of strength underneath the support level of $45.00 may cause LTC/USD investors to switch bearish and approach $37.17. Moreover, as the cryptocurrency market proceeds to trend higher along with Bitcoin, Litecoin may have a huge chance of making additional gains this week.
The LTC/USD pair will only be bullish whilst exchanging beyond the $45.00 mark, the main barrier is at the $50.00 mark. When the LTC/USD pair is exchanging under the $45.00, sellers may test the support levels of $41.43 and $37.17. Besides, the cryptocurrency registered increases of about 2.5 percent in the last 24 hours at $47.76 at the time of writing, while RSI’s signal line (14) renders a radical change into the positive side.
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