Litecoin’s (LTC) Price May Breach the 50 USD Mark as the Asset Follows Bitcoin’s (BTC) Rise.
LTC Talking points:
- LTC price has suddenly turned bullish after BTC began a new bull-run.
- The price of LTC may breach the 50 USD mark this week.
- LTC price might revisit the 44 USD mark, before reaching 50 USD.
It’s been 48 days since the crypto market was hit by a devastating crash triggered by the coronavirus pandemic on the 12th of March. Since then, the major cryptocurrencies have been fighting to stay higher. At the time of press, the top cryptocurrencies are close to recovering the losses they incurred on the 12th of March. LTC is one of the most affected cryptocurrencies. It has since posted a significant rise in the last month and we’ve recently seen the price of LTC changing hands at 45 USD. Let us analyze the coins’ performance over the last month.
LTC Price Has Been Steady for the Majority of April.
LTC’s daily chart shows that it has been very steady for the majority of April. It breached resistances at 34 USD, 38 USD, and 40 USD. LTC is currently above the 44 USD support point. LTC’s price formed an ascending triangle between the 12th of March and the 6th of April, which led to a bullish breakout on the 7th of April. LTC’s price went to 47 USD. A new correction brought it back to 44 USD. At the time of writing, LTC has created a rising wedge. This means that we can expect a bearish pullback soon. However, it is crucial to consider a few market indicators. The 50-day moving average (50-MA) is under the candlesticks. This is a bullish signal. LTC’s Moving Average Convergence Divergence (MACD) pattern suggests that the bullish momentum is high via the daily chart for LTC/USD.
LTC Might Revisit the 44 USD Mark, Before Reaching 50 USD.
Note that despite the above outcome, a bearish breakout for LTC still remains a possibility. But it will likely not take place immediately. There are two possible cases for LTC one is;
Staging a bull-run to the 50 USD mark under a week. In this case, LTC could reach the elusive 50 USD mark this week and completely offset its losses from the 12th of March’s crash. This will likely be followed by a correction to the 48 USD mark. After this, there will be a period of sideways momentum. Another case is;
LTC will backtrack to 44 USD before it reaches 50 USD. Now, when you consider the fact that the rising wedge pattern holds firmly on the daily chart, it is safe to say that LTC will undergo a pullback to 44 USD before it can attempt to touch the ever-elusive 50 USD mark. A strong signal of this scenario is the 200-day moving average (200-MA), which continues to serve as a strong resistance area for LTC in the long-term.
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