- LTC could trade downward up to $60 by February
- LTC/USD – A Bullish Price Rally for Litecoin LTC
LTC lost over 1.7% in the last 24 hours with the general price correction on the cryptocurrency market. LTC is the 6th largest digital assets in the crypto sphere with a recent market value of $3.1 billion. The LTC/USD pair is trading at $49.78, off the intraday high recorded at $51.58. the coin has resolved below the SMA50 1-hour at $50.20, which currently serves as a primary resistance level.
For now, there has been no significant development that might influence the price movement of the coin, which indicates that LTC/USD is at risk to the general market views. According to an official report from Litecoin, over 40 million LTC has been left unused for over a year. The gathering of the began in December 2018, when the market hit its lowest point of the bearish trend. The volume of inactive LTC addresses has grown from 1.21 million in January 2019 to 1.88 million today. This data validates the gathering theory and signifies that LTC holders are now less prone to get involved in projected trading.
LTC/USD – A Bullish Price Rally Is On The Way
A bullish start to the day saw LTC’s price rally from an early morning intraday low $48.82 to an early morning intraday high $51.7. Avoiding the key support levels, LTC encountered the first significant resistance level at $51.69. The LTC/USD pair is currently in a tight trading zone restricted by the psychological $50.00, trailed closely by SMA50 1-hour ($50.20) and SMA100 daily at $51.30.
The coin declined back to sub-$50 levels before seeking support. A late price rally saw LTC retrace back to $50 levels to provide the upside on the day. Since reaching its high above $145 in June 2019, LTC is currently down at 65% with a value of $50. However, the market cap of the coin has surged since mid-December. The 50-day MA was sighted beneath the price candles, with LTC having traded above it in the first week of January.
Litecoin (LTC) Price Today – LTC / USD
The Major Support Level is at $52.47, while the major resistance level is $49.59. The 38.2% Fib retracement level is at $78, while the 62% Fib retracement level is $104. LTC would need to reach $51 levels to support a run at the first key resistance level at $52.47. support from The coin declined back to sub-$50 levels before seeking support. A late price rally saw LTC retrace back to $50 levels to provide the upside on the day. The general market would be required for LTC to break out from its high at $51.63.