Today is another today with plenty of interesting crypto market action. The Litecoin price has successfully overcome a crucial Fib retracement level and is now bulldozing toward $70.
Another Bullish Litecoin Period
A few days ago, it seemed as if Litecoin’s push could be stopped dead in its tracks. Crucial Fibonacci retracement levels have a habit of forcing momentum in the other direction. In the case of LTC, this uptrend has remained intact successfully without too many problems.
Even today, there is another near 12% gain in the books. A Litecoin price increase from $61.34 to $68.7 shows there is still plenty of gas left in the tank. Albeit the price nearly hit $70 earlier today already, the first two attempts were rejected in quick succession. A third try is shaping up already, albeit its chance of success isn’t guaranteed either.
One thing working in Litecoin’s favor is the high trading volume. Over 52.9% of its market cap is provided as liquidity across exchanges today. Top markets include LTC/USDT pairs on Digifinex, Mxc, Binance, and ZB. There is also LBank’s LTC/BTC pair to take note of.
LTC/USDT Technical Indicators
Bollinger Bands: As the Bollinger Bands begin to narrow slightly, there may be some minor accumulation in the coming hours. Even with this massive trading volume, a break in trading action seems warranted. That is not a bad thing, as all markets need a breather rather than exhausting themselves.
Moving Averages: Things have gotten very interesting for Litecoin here. Due to the current Litecoin price surge, the value has moved above the MA200. This is before the MA20 would bullishly cross the MA200. The MA50 is also sloping up slightly. All of this confirms that LTC will push higher, or at least attempt to do so.
RSI: An extended stay in “overbought” territory appears warranted for Litecoin. While a minor accumulation phase may occur, it won’t drive the price down too much. For now, all signs point toward a continuation of this ongoing rise.
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Fibonacci Retracements (LTC/USD): After surpassing the 23.36% Fib level successfully, a new playing field emerges. The next order of business is reaching the 38.2% level. That level sits at $77.58. When an ongoing uptrend remains in place, this can be a turning point for accumulation and a small downtrend. It is important to keep that in mind.
Resistance Levels: The next Fib level is the obvious resistance level. Reaching $77.58 will pose a wide range of challenges. Several previous resistance levels can be found along the way. The first of which is $72.75, followed by $73.71 and $74.88. An interesting weekend lies ahead.