There is plenty of action across all of the cryptocurrency markets today. Some of the altcoins are moving up a lot quicker compared to others, which is only to be expected.
Whereas most people be keeping an eye on bitcoin sv, the litecoin price should not be overlooked either. The silver to bitcoin’s gold has had a pretty solid week in the price department.
Litecoin Price Eyes $55 and $57.49
When the value of bitcoin moves up, alternative markets will often follow suit. Today is no different in this regard, to much pleasure of traders and holders. The litecoin price trend is interesting to keep an eye on, as it caps off a weekly gain of over 18%.
Even today, there is a 7.5% increase in LTC value. It seems as if litecoin is following bitcoin’s gains to a T, and then some. With the value now firmly above $50 – after dropping to $45.5 a few days ago – the trend looks fairly healthy. Sustaining this level of growth will pose its own set of challenges.
Litecoin also has plenty of trading volume to go around. Over 33% of its total market cap has changed hands across exchanges and trading platforms today. This will, in turn, help solidify the current litecoin price level. In fact, it can accommodate a push to $55 in the coming hours. The LTC/TRY pair on Sistemkoin is the top market, for now.
LTC/USDT Technical Indicators
Bollinger Bands: Following a temporary narrow channel, the BBS are now wide open. If the current uptrend can remain in place, they will open even wider in the hours to come. There appears to be little selling pressure at this time, thus the Bollinger Bands will remain wide open for a while longer.
Moving Averages: When looking at the moving averages, the litecoin price surge will remain in place. The MA20 remains firmly above the MA50, as it has recently completed a bullish crossover. The MA200 is also rising sharply on the hourly chart, which is somewhat promising.
For the daily chart, there is an equal bullish crossover between the MA20 and MA50. It shows the MA200 is still declining and could hit sub-$80 fairly soon. In terms of actual resistance levels, $57.49 and $just below $60 will be key points to look forward to.
RSI: On the hourly chart, the LTC RSI is in oversold territory and slowly falling back to the normal range. This may make the push to $55 and above slightly more difficult, at least in the short-term.
On the daily chart, the RSI is equally oversold, but still rising sharply. Overall, it seems evident that the litecoin price should attempt to push past $55 today. If and when that will happen exactly, remains somewhat uncertain.