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Nexo

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

Eustace Cryptus by Eustace Cryptus
3 years ago
in Litecoin, Altcoin Price, Altcoins, Markets and Prices, News, News teaser, Trading
0
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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

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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

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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.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

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.

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Eustace Cryptus

Eustace Cryptus

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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