- Litecoin saw a 4% price increase today after breaking above the 100-days EMA to reach $49.62.
- The bulls are now on the offensive for Litecoin and a closing candle above $50 would set the next target for $56.
Litecoin saw a 4% price rise today as the bulls start a push upward to break the 100-days EMA at $48 and reach the $49.62 level. The cryptocurrency was trapped beneath $47.70 for the majority of April but managed to break above this level toward the end of the month.
However, the buyers were never able to climb above the 100-days EMA and were rejected on each attempt to pass it. If today’s candle can close as it is now, this will mark a break of the 100-days EMA and should put the bulls on the offensive to target the $56 level next.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Analyzing the daily chart above, we can clearly see that Litecoin was trapped at the $47.70 level for the majority of April. The resistance here was provided by a bearish .382 Fibonacci Retracement level that is measured from the Feb high to the March low.
The bulls attempted to break above this resistance at the start of April but were turned away after the attempt. The market then went on to drop into the rising trend line where support was found around the $39 level.
Litecoin rebounded from here and eventually broke the resistance at $47.70 toward the end of April.
In today’s trading session, the cryptocurrency broke the 100-days EMA as it attempts to breach $50.
Short term prediction: BULLISH
The break above $47.70 turned Litecoin bullish and if today’s candle can close above the 100-days EMA this will confirm the bullish sentiment. LTC would need to drop beneath $47.70 to turn neutral again and would have to break beneath the rising trend line to turn bearish.
If the buyers break $50, resistance can be found at $52, $54.70 (bearish .5 Fib Retracement), and $56 (1.618 Fib Extension).
On the other side, if the sellers push lower, support lies at $47.70, $45, $44.62, and $42.50.
Support: $47.70, $45, $42.50, $42.
Resistance: $50, $52, $54.70, $56.
- BNBPeach Simplifying High Yield Farming
- ETH/BTC Pair Hits New 3-Year High, Here’s How it Can Impact Ether Price
- Indian Trade Association CII Recommends “Special Class Securities” For Crypto
- 7 Reasons Why The Bitcoin and Crypto Bull Run Will Stretch Well Into 2022
- Bitcoin (BTC) Dominance Falls Lowest Since Feb 2018, Here’s How Altcoins can Benefit
- XRP Lawsuit: The DPP Dispute is Back, Here’s How It May Ravage Ripple’s Former Win
- Former OCC Chief Says the U.S. Is “Unquestionably behind the curve” in Fostering Crypto Growth
- CBDC India: RBI Governor Compares Digital Fraud to Fake Indian Currency Notes
- World’s Top Venture Capital Firm Sequoia Capital Hints at DAO Integration
- Google Trends Data: ‘Dogecoin’ and ‘Ethereum Price‘ Amongst Top 10 Most Searched News
- Tron Price Analysis: The TRX Coin Preparing For The Recovery Phase With Eyes On The $0.123 Mark
- Chainlink Price Analysis: The LINK Token Hints At A Bear Trap In Its Technical Chart
- Polkadot Price Analysis: The DOT Coin Shows Buying Pressure Below 0.618 FIB Level; Will This End its Correction Phase?
- XRP, Terra and NEM Price Analysis: 08 December
- Filecoin, EOS and Litecoin Price Analysis: 08 December
- Tezos Price Prediction: XTZ Is Up 35% To 5.5% As Bulls Aim For $7.0
- Bitcoin Price Analysis: BTC Back Above $50K As Market Recovery Begins
- BSV Price Analysis: The BSV Coin Prepares For Its Next Big Move Resonating Inside A Definite Range
- AVAX Price Analysis: The Coin Price Has Discounted 35% In This Correction Phase; Is This a Fair Value For AVAX?
- Ethereum, Harmony and Spell Token Price Analysis: 07 December