- Litecoin has enjoyed a bullish movement recently.
- The coin is moving just under its year-to-date highs.
- Litecoin is facing buying pressure above 0.0069 BTC.
Litecoin news today – The price of Litecoin has enjoyed a bullish price movement since the past week. The cryptocurrency has managed to rally from its 7-day low of $53 to post highs at the $70 area. Although the Litecoin price faced some level of resistance at $70, its market action appears to be growing bullish. After posting fresh highs for the new year at $70 yesterday, the digital asset has retraced slightly. This retracement comes as the entire crypto market entered a steep selloff. However, for the near-term outlook, it appears that the price of Litecoin is on the verge of closing above an important technical level. This action could force the coin’s next major bull movement. Meaning, in the coming days LTC could elucidate its mid-term price action.
Litecoin Price is Under its Year-to-Date Highs
As of when this content was published, the Litecoin price was trading at $67 after it posted a 5% gain in the last 24 hours. Marking an increase from its daily low of $63 as well as a slight drop from the $70 high. Currently, the price of LTC has put it among the major altcoins to trade hirer in the last 24 hours. Hence, signaling that the coin currently has hirer technical strength than most alternative digital tokens. For the near-term outlook, the cryptocurrency could embark on a short-term rally, as it is now attempting to initiate a bullish Ichimoku as well as a daily close above the 200-day MA.
According to TraderSmokey, a renowned crypto trader on Twitter, the formation of the above-mentioned technical positions is important for LTC. The trader made this point known via a tweet while citing a chart that shows that a confluence of bullish factors has allowed LTC to manage parabolic rallies going by history.
Litecoin LTC Price will Scream Buy if it Moves Above 0.0069 BTC
Because Litecoin’s bulls are particularly strong currently, there’s a chance that they can force adequate near-term buy pressure to propel the coin above its ($70) year-to-date highs. It is also paramount to indicate that the LTC price could close above the 0.0069 BTC level soon, as today’s drop for Bitcoin cause the LTC/BTC pair to rise to 0.0072.
Litecoin (LTC) Price Today – LTC / USD
Another crypto analyst on twitter known as Ledger Status noted that a sustained rise above the 0.0069 BTC area would make LTC screaming buy. Hence, if the digital currency can stabilize around the current price levels it holds or move an inch higher later today, it could eventually see a massive upward swing that will ensure that its uptrend turns parabolic.