Litecoin, with a spike above $70, has led to trading amongst the top 10 cryptocurrencies, leaving behind Bitcoin Cash is spurring in the market. LTC/USD reflects a clear spike from the trading price of $62 in 3 days to currently trading at $73.9, marking a rise of 19.19%. Moreover, the currency has been rising consecutively over the past four weeks and drawing a steep higher high pattern and draws a clear positive sentiment against the greenback.
— Samson Mow (@Excellion) November 16, 2020
Litecoin, with the current momentum, is seen reclaiming and regaining the lost strength and breaches the most awaited resistance at $60 & $70. With the recent hike in price, LTC was seen spurring to a 9-month high at $77, but with a downward correction, currently trades below $75 at $73.
Litecoin Price Analysis
At the time of penning down this analysis, Litecoin price was spotted at $73.91 and is retaining support from 50-day & 200-day daily MA at $55.16 & $50.18. In this regard, the Bollinger Bands are seen widening, and the price trend is seen breaching the upper BB and has reclaimed a 9-month high. However, the LTC is away from breaching the YTD high, but with the current momentum, the coin will likely reclaim the given height.
With intermittent rise and dips, Litecoin price has been trading around $60 for most of the trading time. The technical tools are also seen drawing a bullish crossover with respect to the current bullish price action, and therefore, the MACD line is seen crossing above the signal line. The RSI is also seen breaching the overbought region at 68.43 due to price-led increased demand.