Litecoin price traded higher and tested the strong resistance level above $65.00 level against the US Dollar. Will Litecoin Price continue its Bullish Momentum?
28 September 2018- The crypto-market has been steadily increasing since mid-September when the market cap fell below the $200 billion. Since then, the total market cap has reached $224 Billion.
Litecoin is currently the 7th most valuable cryptocurrency by market cap and hit its highest level of $64.26 this week. Recently, it was announced that the coin will be listed on Gemini exchange, which will lift Litecoin prices. Following the current market-trends, Will Litecoin Price continue its Bullish Momentum?
Litecoin Technical Analysis
The candlestick pattern suggests that Litecoin is forming a Bullish Doji Star pattern in a 1M timeframe which means a bullish reversal is likely to occur. During a downtrend, Litecoin price strengthens the bears with a long black candlestick, and gaps open on the second candle. However, the second candlestick trades within a small range and closes near its open. The above-mentioned scenario generally shows the potential for a bullish rally, as many positions have been changed since the past few days.
Litecoin has penetrated the key resistance level, which can be found at $58.8 mark. The coin crossed the $60.0 mark yesterday and continued to gain further. Most of the top coins in the market are trending upwards. In addition, Litecoin is currently the top percentage gainer among the top 10 cryptocurrencies.
According to Fibonacci retracement charts, Litecoin is trading above the 61.8% Fibo. retr. zone and a break above the 78.6% fibo. zone might encourage more buyers. RSI (14) indicator valued above 50%, which signals that the coin is witnessing significant buying interest and is close to the overbought zone. The MACD indicator shows that Litecoin is going through a bullish wave. The 100 SMA is below the long-term 200 SMA level which signals that the path of least resistance is to the downside.
Litecoin technical indicators are showing mixed results after the current correction, however, if Litecoin breaks the strong resistance at $ 65.32 level than an upward rally towards $70- $75 might be seen in upcoming days. .
- The Relative Strength Index(14) value is near 50 which signals “Neutral”
- The William%R signals the buying price action on daily time-frame.
- MACD(12,26) – “Buy” signal in daily charts.
- ATR(14) suggests Litecoin is less volatile
Litecoin Pivot Points
Litecoin has a significant support near $53 and resistance near $65 levels.