Litecoin has seen some incredibly bullish price action over the past week, with the cryptocurrency rallying from seven-day lows of $53 to highs of $70. Although LTC faced some resistance at this level, its market structure is clearly growing increasingly bullish.
After setting these fresh 2020 highs of $70 yesterday, the cryptocurrency has only retraced slightly, which comes as the aggregated crypto markets are facing a steep ongoing selloff.
In the near-term, it does appear that Litecoin is on the cusp of closing above a key technical level that could catalyze its next major bull movement, which means the coming few days could elucidate its mid-term trend.
Litecoin Hovers Just Below Year-to-Date Highs as Crypto Markets Face Steep Selloff
At the time of writing, Litecoin is trading up nearly 5% at its current price of $67, which marks a climb from daily lows of $63, and a slight decline from highs of just under $70.
Currently, LTC is one of the only major altcoins that is trading up over a 24-hour period, signaling that it currently has greater technical strength than many alternative digital assets.
In the near-term, it does appear that the cryptocurrency could be on the cusp of going on a short-term parabolic rally, as it is currently attempting to confirm a bullish Ichimoku and a daily close above its 200-day moving average.
TraderSmokey – a well-respected crypto trader on Twitter – spoke about the importance of these aforementioned technical formations in a recent tweet, while referencing a chart showing that this confluence of bullish technical factors has historically allowed LTC to incur parabolic rallies.
“Litecoin Daily: Criteria: Bullish Ichimoku + Daily Close above 200MA,” he explained while referencing the chart seen below.
$LTC
Litecoin Daily
Criteria: Bullish Ichimoku + Daily Close above 200MA pic.twitter.com/c9zhlUB0td
— TraderSmokey (@SmokeyXBT) January 31, 2020
LTC is a “Screaming Buy” If It Holds Above This Key Level
Because Litecoin’s bulls do appear to be particularly strong at the moment, it is possible that they will catalyze enough near-term buying pressure to propel it past its year-to-date highs of $70.
It is also important to note that LTC could soon close above 0.0069 BTC, as today’s Bitcoin drop led LTC’s BTC trading pair to rocket up to 0.0072.
Ledger Status – another prominent technical analyst – noted in a tweet from yesterday that a sustained close above 0.0069 BTC would make Litecoin a “screaming buy.”
“Litecoin is an absolutely screaming buy above .0069 daily close.”
Litecoin is an absolutely screaming buy above .0069 daily close. $ltc pic.twitter.com/PS2vnGDudU
— Ledger Status (@ledgerstatus) January 30, 2020
If the cryptocurrency is able to stabilize around its current price levels or even inch higher today, it could soon see a massive upwards swing that allows its uptrend to turn parabolic.
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The post Bitcoin Cash Turning Bullish, Holds Above $200 appeared first on Crypto Briefing.
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The post Tezos Price Analysis: Continuous Growth appeared first on Crypto Briefing.
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The post Zcash Price Analysis: Bullish Opportunity appeared first on Crypto Briefing.
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The post Binance Coin Price Analysis BNB/USD: Consecutive Losses appeared first on Crypto Briefing.
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The post Tezos Price Analysis XTZ / USD: Breaking Resistances appeared first on Crypto Briefing.
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Despite the latest reduction, Litecoin’s sentiments remain positive in the mid-term. It maintained a higher high and higher low pattern on the daily chart. A break above the monthly high could stir a fresh rally.
Following a recent monthly breakout, Litecoin surged to a new yearly high after registering a mind-blowing 100% gain in a month. The trend appears more bullish daily as it poises for a big price movement.
Losing steam last weekend, Litecoin rolled back under the crucial $100 level and provided a small discount. However, it is climbing back amid the latest recovery as it sets to break out to a new high soon.
Litecoin ($LTC) has been making waves in the crypto space, with over 60% of its holders now in profit—the highest figure since April. However, a significant portion of holders still at a loss purchased during 2021’s peak prices.
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