Litecoin (LTC) was trading at around $ 56 at the time of writing, after hitting a 24-hour high of around $ 59 yesterday. Given the bullish sentiment in the intraday market, the LTC / USD price trend is about to break the upper 20-day Bollinger Band.
Litecoin price along with Bitcoin, Ethereum and XRP pumps when the market spikes and just in the wee hours of today’s trading session, BTC broke above $ 11,000 after trading around $ 10.9,000 for a noticeable period.
LTC has attracted a total of around 5.5 million networkers in half a year, and since it is one of the top 10 coins in the global crypto market, it is considered one of the best investments in the long term.
Litecoin price analysis
TradingView’s LTC / USD chart
Litecoin climbs above the 50.0% fib retracement level on the 24-hour chart. In addition, LTC / USD price trend was below 38.20% fib retracement level right after it began to strengthen after the market crash in March. Due to the lack of steady momentum, Litecoin has traded sideways below $ 50 and with the recent surge it is now up over 50.0% Fib. Additionally, with the recent bullish price action, the coin has broken the 5 month resistance but is facing strong resistance above $ 59.
On the 2-hour chart, Litecoin has started to strengthen in the last ten days and is now reaching a new monthly high.
However, the 20 day bands are not holding extremities and so we are not forecasting an unprecedented volatile breakout. LTC has strong support for 50-day and 200-day daily MAs at $ 54 and $ 46, respectively. Hence ours LTC predictions is the best investment in the long term. Hence, it is suggested that traders hold their token.
The MACD shows a slight bearish crossover due to volatile intraday pullbacks and also intersects with the signal line. The RSI is at 57.91 and is sloping towards the overbought area.