Cryptocurrency News, Cryptocurrency Price Analysis

Litecoin Sees Bullish Run To Trade At $253

Litecoin is currently trading around the $253 price region after moving swiftly to hold steady above the $235 region before making the surge. The recent move was seen as a move that would create gains as the asset touched the $240 and $250 resistance zone after touching the $235 price mark. The market is also above the 60 level of its Relative Strength Index, one of the pivots that pushed the asset to its position. In the last 24 hours, the asset has recorded a massive 8% rise to push its market cap up to touch above $16 billion. The asset is still seeing a massive recovery above $219 after making the last dip to touch the price region.

Buyers are dominating the Litecoin market

If this is to be considered, it means the buyers are still winning the war against the sellers as they have been the reason that the bulls have been triggered. Should the price of the digital asset move more into the upper region, then it could encounter resistances above $265 and $275 region before going on to touch the resistance close to the $285 price mark.

All this would happen if the digital asset first breaks above the $255 price region. This also means that if the buyers are not strong enough to power the asset above the $255 price mark, they could see a slight decline run, bringing it back to where it was before the surge.

However, at this time, the previous breakout is still having much-desired effects on the market as it is still in the bullish territory. Also, the buyers could show their dominance further by taking the asset closer to the $255 because they need just a little effort to breach the price.

LTC/BTC comparison

If the bears can gain their ground and push the asset in the opposite direction, the digital asset could see a bearish run which could take it close to the $210 support level. If the bears can gain ground, the asset could go lower in the market to touch the $200 and $190 support level before seeking support below it.

Against leading digital asset, Bitcoin, the digital asset is still trading above the moving averages and hopes to test the resistance level set at 4000 Satoshi and above. Traders should not expect that the asset would go up against Bitcoin except if Litecoin summons its bullish momentum and moves above the resistance level after breaking above it.

If the asset sees a move below against Bitcoin, it could go well to trade around 3500 Satoshi before going on to touch 3000 Satoshi. At now, all things point to a bullish move, but nobody knows for a fact what would happen in the coming days.

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