Litecoin has surged by 14% over the past 24 hours of trading, bringing the current price for the coin up to $54.10. This price hike has now caused Litecoin to create a fresh new high for 2019 at $55.61. The cryptocurrency has now seen a 17% price hike over the past 7 days with a further 60% over the past 30 trading days.
Where Is Litecoin ranked?
Litecoin is now ranked in 5th position as it currently holds a $3.24 billion market cap value.
Litecoin Price Analysis
LTC/USD – MEDIUM TERM – DAILY CHART
What has happened since our last analysis?
Since our last Litecoin analysis, we can see that price action has now surged back above the resistance at the $50 handle. Price action has continued to surge until reaching higher resistance at a medium termed 1.618 Fibonacci Extension level (drawn in blue) priced at $54. The market has stalled after reaching this area of resistance.
The recent price hike has also caused Litecoin to break above the previous ascending price channel pattern that the market has been trading within since December 2018.
What is the current short term trend?
The current short term trend for Litecoin is most certainly bullish. For this market to be considered bearish we would need to see price action break beneath the $44.00 level.
Where are we likely to from here?
If the buyers can continue to drive price action higher above the resistance at $54, we can expect immediate higher resistance to be located at the $56 handle. Further resistance above $56 can then be located at the short term 1.272 and 1.414 Fibonacci Extension level (drawn in purple) priced at $58.39 and $61.46, respectively.
Further higher resistance can then be located at the $63.25 level followed with more resistance at the short term 1.618 Fibonacci Extension level (drawn in purple) priced at $65.87.
What if the bears regain control?
Alternatively, if the sellers regroup and begin to push the market lower, we can expect immediate support below to be located at the $53 and $50 levels.
If the bears continue to drop LTC/USD below the $50 handle, more support is then expected at the short term .382 and .5 Fibonacci Retracement level (drawn in green) priced at $44.18 and $41.56, respectively.
Let us continue to analyse price action for Litecoin against Bitcoin.
LTC/BTC – MEDIUM TERM – DAILY CHART
What has been going on?
Litecoin has managed to surge past the resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 0.01275 BTC. The market had continued above the July 2018 high at 0.0135 BTC level into higher resistance at the short term 1.272 Fibonacci Extension level (drawn in turquoise) priced at 0.01394 BTC.
What is the current trend?
The trend is currently bullish at this moment in time. For this market to be considered bearish we would need to see price action drop below the 0.0119 BTC levels.
Where can we go from here?
If the buyers continue to drive price action for LTC/BTC higher we can expect immediate resistance above to be located at the bearish .886 Fibonacci Retracement level (drawn in red) priced at 0.01415 BTC.
Further resistance above this can then be located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in turquoise) priced at 0.0144 BTC and 0.01514 BTC, respectively.
Alternatively, if the sellers begin to cause LTC/BTC to drop lower immediate support lies at the 0.0135 BTC level. Further support below is then expected at the 0.01275 BTC and 0.01193 BTC.