- Litecoin exploded to highs last seen since June 19
- At the time of writing, Litecoin was trading at $165, up by 13.32% in the last 24 hours
- Crypto adoption is soaring for LTC as late July marked the onboarding of online tech retailer Newegg
The bulls are making a comeback into the cryptocurrency market as several digital assets retrace their way back up to May pre-crash levels. Litecoin is no exception, exploding to highs last seen since June 19. At the time of writing, Litecoin was trading at $165, up by 13.32% in the last 24 hours and 18.06% weekly with a present market capitalization of $11.13 billion. Crypto adoption is soaring for LTC as late July marked the onboarding of online tech retailer Newegg while August’s start marked the comeback of online travel agency, Cheap Air. Investment firm Victory Capital Management has also filed an application with the U.S SEC for an exchange-traded fund (ETF), Litecoin inclusive. Litecoin Gaming, a cryptocurrency-backed gaming organization powered by Litecoin took off with its website launch on August 2.
Resistance Levels: $250, $230, $190
Support Levels: $140, $115, $95
LTC/USD Daily Chart: Ranging
LTC/USD Daily Chart
Litecoin started a decent recovery from the $104.02 low on July 20. The LTC/USD pair sustained the rebound above the $135 barrier to surpass the MA 50. Continuing its advance, LTC broke and closed above the $146 resistance on August 6, completing a double bottom pattern. The RSI is strengthening in the bullish section, towards the 70 marks. If the LTC/USD pair rises further, immediate resistance might be found at the $181 high, before the price jumps towards the MA 200 barrier at $191.
If bulls sustain the price above the breakout level, it will suggest the start of a new uptrend targetting the $230-300 range. Otherwise, if sellers sink deeper, the $149.87 barrier and the MA 50 at $134 could provide the initial key constrictions necessary to sustain the climb. Steeper declines under the MA 50 would have to tackle a more durable support section from the $117 level and the June bottom of $105.
LTC/USD 4-Hour Chart: Bullish
LTC/USD 4-Hour Chart
Litecoin gapped higher, spiking above the $157 resistance today, continuing the recent traction it found off the MA 50 at the $146 level. If buyers manage to maintain the current trajectory, immediate upside constraints may commence from the $181 barrier ahead of the $230-$318 range. Decisively clearing this ceiling, LTC could turn its focus towards the yearly peak of $413.
Otherwise, if sellers retake the wheel and drive the LTC price down below the $157 barrier, the next hardened support may develop from the MA 50 at $146 until the $135 level. Managing to slide under this barrier, the price may meet the MA 200 at $133 before challenging the region of lows between $107-$123. To summarize, LTC/USD is recouping lost grounds and a successful attempt above the $191 barrier could tend to further upside gains.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock