Litecoin Surges Exceptionally in Intraday; Faces Resistance at $50
Litecoin at the time of penning down this analysis was trading at $47 after breaching a 6-week resistance at $48.35 just around the press time. LTC holds a steep surge in the price just around the press time from the trading range of $44 and is also hit a fresh Month-to-Date high. Moreover, the coin also drew a higher high pattern before the bullish candlewick over the past ten days but is facing a strict rejection at and beyond $50.
Litecoin is a long-term investment, and the change in its price trend is very much influenced by Bitcoin. With the recent pump in the price of Bitcoin above $9.65k, we have seen the influential altcoins like BCH, LTC, BNB, etc., soar in the intraday.
Litecoin Price Analysis
On the 4-houlry chart, Litecoin is seen reclaiming 6-week height against the US Dollar after resorting to a low below $40 at $39. With the recent high spike in the price, it is already above 61.80% Fib retracement level, and to a major extent, the coin has been trading between 38.20% to 61.80% Fib Retracement level. After breaking the 6-week resistance on the 7-week chart, a steep surge in the intraday led to a bullish wick above 38.20% Fib.
On the 3-hourly chart, LTC/USD failed to surge above $46 in the 2nd week of the ongoing month. Litecoin price trend is holding a higher high pattern after rising from the trading point above $40 and $43 with complete support from 50-day and 200-day MA at $43. The 20-day Bollinger Bands are seen widening as the LTC price spikes in the intraday after a momentary dip below $41.
The technicals are also exhibiting positive sentiments of the market as the MACD chart holds a bullish crossover and has notably crossed above the signal line. The RSI is reflecting increased demand of the crypto as it laid at 76.52, and the major support and resistance to watch out for lies at $43 and $50.