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Litecoin Price Analysis: LTC/USD Making a Strong Effort to Reclaim $100

Litecoin (LTC) Price Analysis – July 31

The Litecoin has finally shown some strength against the US dollar, and it is likely that it will continue to be strong until the end of the year.

LTC/USD Market

Key Levels:
Resistance levels: $115, $120, $125
Support levels: $75, $70, $65

LTCUSD – Daily Chart

Litecoin has seen a decent 6% price bump over the past 24 hours, making it the best performing coin in the top 10. It’s currently trading at around $98.87. The Litecoin price action is showing a strong sign of upside momentum, as it seems to reclaim back the $100 level. The bulls are making good way push to escape a bearish technical set up.

For now, the recent 6% price hike seen today allowed LTC to break above a long-term descending trend line which is a good sign for the bulls. However, if the bulls continue above $98, the next level of significant resistance lies at $100. Above $100, we can expect higher resistance at $115, $120 and $125 while the support can be found at $75, $70 and $65. The MACD is giving bullish signals which indicate that the bulls are in control of the market momentum now.

LTC/BTC Market

Against Bitcoin, Litecoin has remained fairly static. However, we have seen an increase from 9420SAT to 9897SAT today – where resistance was found. The recent increase has also allowed the cryptocurrency to climb above the 21 days moving average which is a promising sign for buyers.

LTCBTC – Daily Chart

From above, if the bulls can break above 10,000SAT, higher resistance is located at 10,900SAT. This is then followed with potential resistance levels at 11,000SAT and 11,100SAT. From downside, the nearest level of support lies at 7,900SAT. Beneath this, further support is at 7,800SAT and 7,700SAT respectively. Likewise, the RSI has broken above the 50 level which is a promising sign for the bulls as the momentum is on their side.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.