Litecoin price analysis: LTC/USD soars ignoring the consolidating crypto market

0
  • Litecoin performance in the last couple of days has been phenomenon above $100 to new highs above $140.
  • Technicals are still intact even with the stalling under $140 level.

The cryptocurrency market is consolidating following the brief recovery observed on Tuesday. The entire market generally tanked during the weekend session with Litecoin exploring the levels below $100. Luckily support was established above $95.00 where a rebound occurred.

Litecoin performance in the last couple of days has been a phenomenon above $100 reclaimed support. LTC/USD extended the gains within a rising channel stepping above $120 and eventually testing $130.

The Asian trading hours pushed Litecoin above $140 level for the first time in 2019. A 13-month high was formed at $141.67 before retracing under $140. Meanwhile. Litecoin is trading at $138.66 above both the Simple Moving Average (SMA) 100-1h and the SMA50-1h.

Slightly above the current value, the first resistance is 140.00 (seller congestion zone). Further correction north will face more resistance at the new 2019 high. However, the bulls currently have eyes on $150.

Technicals are still intact even with the stalling under $140. The Relative Strength Index (RSI) at 76.19 suggests that LTC/USD path of least resistance is upward sideways with more inclination to a ranging trend in the comng sessions.

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.