Litecoin continues to hold strong above the $50 level after a 0.60% price increase over the past 24 hours bringing price up to $57. The cryptocurrency is now up by 18% over the past week. Furthermore, the crypto is up by a total of 137% over the past 90 days.
Where Is Litecoin ranked?
Litecoin is now ranked in 4th position, recently overtaking EOS, as it currently holds a $3.43 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 LTC/USD continued to ascend further higher above the resistance at $54. The market climbed higher into resistance slightly above our expected ressitance at the short term 1.272 Fibonacci Extension level (drawn in purple) at $58.39. The market had failed to overcome the resistance at the $60 level.
LTC/USD has rolled over slightly but has found support at the short term .236 Fibonacci Retracement level (drawn in green) priced at $53.72. Price action has rebounded slightly higher from this levle of support.
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 bulls can keep the pressure up and push the market higher we can expect immediate resistance above at $58.39 and $60. If the buyers can break above $60, higher resistance is then located at the 1.414 Fibonacci Extension level (drawn in purple) priced at $61.46.
Resistance above $62 is then expected at the $63 level and the longer termed 1.618 Fibonacci Extension level (drawn in yellow) at $64.53.
What if the bears regain control?
Alternatively, if the sellers regroup and push the market lower, support is located at $53.75 and $52.67.
Support beneath $52 can then be located at the .382 and .5 Fibonacci Retracement levels at $49.27 and $45.68, respectively.
Let us continue to analyse price action for Litecoin against Bitcoin.
LTC/BTC – MEDIUM TERM – DAILY CHART
What has been going on?
Since our last LTC/BTC analysis, we can see that the market has surged above the resistance at 0.0139 BTC and travelled higher into our expected resistance at the 1.618 FIbonacci Extension level at 0.01514 BTC. The market had also met resistance at the upper boundary of the price channel that the market has been trading within for 2019.
Pirce action has rolled over slightly but has found support at the short term .382 FIbonacci Retracement level at 0.0137 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 bulls can push the market above the current resistance at the 0.01443 BTC we can expect higher resistance to then be located at the 1.618 FIbonacci Extension level at 0.01514 BTC again.
Further resistance above 0.01514 BTC can be expected at the 0.01549 BTC and 0.016 BTC respectively. This is followed with more resistnace at the bearish .786 FIbonacci Retracement level at 0.01613 BTC.
Alternatively, if the sellers begin to push LTC/BTC lower, support is located at the .382 and .5 Fibonacci Retracement levels (drawn in blue) at 0.0137 BTC and 0.0132 BTC, respectively.