Litecoin price analysis: This breakout could test $25.00

  • Litecoin resumes uptrend after testing primary support.
  • The bulls have eyes on $25.00; technical signals are still strong.

The market is both and red and green as we come to the end of the week. Litecoin price is in the green with gains of 2.45% on the day. However, legacy digital assets like Bitcoin and Ethereum retested the 2018 lows. Bitcoin is attempting a recovery above the broken support at $3,300. Ethereum on the other hand, is also in the red with subtle intraday declines of 0.31%.

Litecoin price has resumed the uptrend, after testing the primary support at $22. The bullish trend has stepped above the 23.6% Fib retracement level with the last swing high of $25.13 and a downside of $22.9. The only hindrance to the spike is the 100 SMA on the hourly timeframe chart. Slightly above this level LTC/USD will encounter growing selling pressure at the 38.2% Fib level.

The bulls have eyes on $25.00, however, before that the seller concentration zone at $24.33 (marginally above the 61.8% Fibo) will limit upward movement. Technical indicators on the chart show that the bullish momentum is likely to prevail in the coming sessions before the weekend trading sets in. The MACD is back to the levels on Wednesday this week inside the positive region. Moreover, the Relative Strength Index has made it into the overbought region.

LTC/USD 15’ chart

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