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litecoin

Litecoin Price Analysis: LTC is the Lead Bull For Five Weeks Running

Eustace Cryptus
by Eustace Cryptus
6 years ago
·
Posted in Litecoin, Altcoin Price, Altcoins, Markets and Prices, News, News teaser, Trading
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Litecoin (LTC) and Binance Coin (BNB) are the lead bulls propelling the market higher again. Since last week, the former is up 28 percent. Prices are now at the highest they’ve been since October 2018 and the altcoin appears set to notch $70 over the short-term.


1-HR Chart

The $55 to $56 zone is providing some push back. In late February, gains above $54 proved futile and Litecoin (LTC) dropped 20 percent after topping out at $53.41. At the time of writing, LTC has pulled back from $58.71, dropping out of the ascending channel and below the 12 and 26 EMA to rest on top of the 50 MA at $55.25.

Litecoin is likely taking a moment to consolidate and regather strength after traders took profits near $58. Traders should keep an eye for LTC to cross above the 20MA on the Bollinger Band indicator. A move above the upper arm at $57.51 would bring the altcoin closer to re-entering the ascending channel at $58.

Weekly Chart

The weekly chart shows Litecoin as the lead bull, as it has sustained well and is now completing its fifth week above the long-term descending trendline. Litecoin (LTC) now trades above the 200MA.

Happy trades friends and, as always, please use a stop loss.

Do you think Litecoin (LTC) will tackle $70 before Monday morning? Let us know what you think in the comments below! 


Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase. The charts for analysis are provided by TradingView.]

Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eustace Cryptus

Eustace Cryptus

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Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

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