Virtually all cryptocurrency markets are showing promising signs of life. The Litecoin price is resuming its march to $60 and higher. That is positive news, given the bearish momentum late last week.
Litecoin Price Overcomes the dip
It is always troublesome to see the Bitcoin price drop suddenly. After all, that doesn’t bode well for any of the alternative markets. In the case of Litecoin, its value dropped from $58.86 to $51.33 in a day and a half. Ever since, LTC has shown signs of moving up, and is now nearing $60 again.
Today’s uptrend is very significant. A near 6% gain shows there is room for further momentum. Given how the Litecoin price increased by over 40% in the past 30 days, there is reason for optimism. However, this will only happen if the Bitcoin price doesn’t turn bearish again later this week.
With over $1.24 billion in trading volume, the LTC market looks very healthy. It is predominantly traded against USDT on most exchanges. One surprising addition is the LTC/TRY pair on Sistemkoin. Turkish crypto enthusiasts can often make a difference when it comes to altcoin prices.
LTC/USDT Technical Indicators & Resistance Levels
Bollinger Bands: The Litecoin price chart on the daily shows that the BBs are narrowing somewhat. The maw is still wide open due to the sudden price increase of today and last night. There is also ample trading volume to keep this trend alive. A lot of trading volatility can be expected, albeit it doesn’t have to be bearish by definition.
Moving Averages: The MA20 remains firmly ahead of the MA50 on the daily. For traders, that is good news. The recent bearish trend has not disrupted this momentum by any means. It also appears that the MA20 and MA200 are bound to cross in a few days. That can signal a temporary reversal, or a further breakout.
RSI: Looking at the Litecoin RSI, it remains well within the neutral range. The RSI is sloping up, indicating that this trend is not over just yet. As the next resistance levels come into play, however, it can easily turn around on a dime.
Fibonacci Retracements (LTC/USD): At the of writing, the Litecoin price approaches $60. That is a previous resistance level first and foremost. However, it is also close to the 23.6% Fib level. Under normal circumstances, that level is not a problem, even though it has been rejected twice since early November 2019. The current momentum may not be strong enough to break $61.68.
Resistance Levels: Two key resistance levels can come into play. The Litecoin price already broke the first one successfully, at $57.56. The second one, at $60.02, may not prove much of a challenge either. Higher than that, the $61.68 level is a previous rejection point, as mentioned earlier.