Litecoin goes ballistic: Corrects 15% higher on a daily basis

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  • Litecoin dip under $80.00 created fresh demand resulting in formidable gains.
  • LTC/USD focus on $100 after defending $90.00 support.

Litecoin is the biggest gainer among the major cryptocurrencies. After the declines found support at $75.00 – $77.5, the buyers began pushing the price upwards with an intent of reclaiming $80.00 support.

The break above the key moving averages including the 50 Simple Moving Average (SMA) 15-mins, 100 SMA and the 100 Exponential Moving Average (EMA) gave LTC a push above $90.00. An intraday high has been formed at $95.00 but Litecoin has corrected to the current market value at $90.50.

Litecoin is recovery after the drop from highs above $100 created fresh demand for a coin whose investors believe that it does not belong under $100. Therefore, due to the positive technical levels, I expect Litecoin to continue pushing against the barriers and even close the week’s trading above $100.

At present, it is essential the support at $90.00 is defended to ensure that the buyers focus on $100 and higher levels. As for support areas, $80 will still function as a key support area but $77.50 – $75.00 is major support.

LTC/USD 15-mins chart

 

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