The cryptocurrency market is bullish again after a short term correction in the prior week. Alongside other major cryptocurrencies, Litecoin bulls made a comeback after recovery ensued when it bounced off the support at $64. LTC went ahead to build upon the numerous support levels above $70 to sustain gains to $80. LTC/USD gears up for a bullish strike at $100 as a break above its current level is likely to catapult it towards the much-coveted price. At the time of writing, LTC is exchanging hands at $85.65. Although LTC is down by 5.79% on a 7-day basis due to the setback it suffered, it ranks among the top daily gainers at 11.13%. LTC’s present market cap stands at $5.45 billion with a trading volume of $5.54 billion in the past 24 hours. Famous U.S.based pizza chain, Pizzahut to accept Litecoin for payments in all its stores in Venezuela. In a recent tweet from CryptoBuyer, customers can now purchase pizza, food, and drinks at the restaurant chain with cryptocurrencies, Litecoin (LTC) inclusive.
*Litecoin bulls made a comeback after recovery ensued when it bounced off the support at $64
*At the time of writing, LTC is exchanging hands at $85.65
*Famous U.S. based pizza chain, Pizzahut to accept Litecoin for payments in all its stores in Venezuela
Key Levels
Resistance Levels: $100.00, $94.05, $90.00
Support Levels: $80.00, $69.00, $60.00
LTC/USD Daily Chart: Bullish
LTC/USD Daily Chart
As seen on the daily chart, Litecoin bulls made a comeback as seen in three straight days of bullish action since Nov.27th. Above its present price, key resistance is seen at $95 which stalled the LTC uptrend on November 24th. With enough buying pressure, LTC could then further its uptrend to $100.
On the downside, if the price rejects above its current level, a buyer congestion zone from $69 to $77.50 may prevent further declines. If the bulls squander their advantage, bears’ attempt to sink LTC price may be foiled at $64 from which a rebound occurred in the prior week. Further declines beneath $64.30 may cause LTC to retest the MA 50 at $63, below which may suggest a bearish comeback.
LTC/USD 4-Hour Chart: Bullish
LTC/USD 4-Hour Chart
LTC made a decent recovery following a bounce off the 4 hour MA 200 support at $65. Attempts to keep LTC price capped under the 4 hour MA 50 at $79.35 was strongly rebuffed by the bulls. The main resistance lies ahead at $94.05 which stalled the uptrend previously. on the flipside, immense selling pressure may cause LTC to test the MA 50 and MA 200 located at $79.35 and $67.29 respectively.
Technical analysis indicates that LTC/USD bulls may buy into a price dip towards the $69 support level in anticipation of another rally. Traders that are bearish towards the LTC/USD pair may sell the pair in expectation of a major sell-off towards the $60 support region. Meanwhile, the LTC/USD stays bullish beyond the $70 mark in the short term trend.
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