Home Litecoin price analysis: LTC/USD flexes muscles in a bearish market gaining over 1% on Thursday
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Litecoin price analysis: LTC/USD flexes muscles in a bearish market gaining over 1% on Thursday

FX Street
Updated:
  • Litecoin is up 1% on the day while trading above the moving averages including the EMA100.
  • With the increasing MACD divergence, LTC/USD continues to gain traction towards $130.

Litecoin is the bull among a sloth of bears on Thursday being the only crypto in the green among the top ten. Litecoin is up 1% on the day while trading above the moving averages including the 100 Exponential Moving Average (SMA).

The bulls pushed for a correction towards $130 but the momentum stalled at $127.21. At press time, LTC/USD is trading at $123.40 and is likely to stay above $120 support in the coming sessions according to the technical picture.

The Moving Average Convergence Divergence (MACD) has stayed above the mean line (0.0) since the recovery started on July 2. The divergence continues to increase to show that the buyers are gaining traction against the bears. With the Relative Strength Index (RSI) above average, the current sideways trading above $120 could pave the way towards $130 hurdle.

LTC/USD 1-h chart

 

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