Cryptocurrency News, Cryptocurrency Price Analysis

Litecoin Sees Massive Bullish Run

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Litecoin is currently trading in the positive zones after the digital asset got locked into the 9 day and 21-day moving averages in the last few days. Presently, the coin has scaled over the 21-day living average and is seeing a remarkable gain of around 3% in the last 24 hours. At this present time, the coin has banished its previous woes and is now trading in a region above $210.

Litecoin is now trading close to the upper region after the bears took over slightly yesterday to push the asset way below its support level of $205. With the price now moving around $204, the asset has all it takes to make a massive surge in the market.

Litecoin set to make a massive surge

If the digital asset continues to follow the bull’s lead, it would be on its way to touch the resistance at $220. With the bulls constantly showing their presence in the market, the digital asset could go all the way to much higher price marks. With the price showing slight signs of being choppy, the digital asset might as well be on its way to avert volatility.

Also, traders are showing commitment to the market with the rate at which the volume of transactions is steadily rising as the days progresses. If the bears see a slight avenue to enter the market, it would be looking to trade at its previous support level of $175.

If the bears dominate and show their presence, the asset could go well below and touch $165 before going on to touch the last projected support at $155. With the Relative Strength Index still pushing above the 50 level, the asset could be well in line to hit the $230 and $240 resistance levels. If the bulls eventually push out of the $240 resistance level, it could go well to clinch the $250 level.

LTC/BTC

Against Bitcoin, Litecoin is still seeing a little difficulty pushing above despite gaining well against the dollars. Some days ago, the digital asset went as low as trading below both moving averages and is still trying to move above the averages. Presently, it is still falling, and it has the 3500 Satoshi support level in its sights.

If the bears break below the support level, it could see the comfort that it has the 3000 Satoshi to hold it steady. However, if the bulls show their dominance in the market, they would power it above the 3800 Satoshi resistance level. Presently, Litecoin is trading at 3455 against Bitcoin, with the asset presently moving around the 40 level of its Relative Strength Index.

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