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Litecoin price analysis: This breakout could test $25.00

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  • Litecoin resumes uptrend after testing primary support.
  • The bulls have eyes on $25.00; technical signals are still strong.

The market is both and red and green as we come to the end of the week. Litecoin price is in the green with gains of 2.45% on the day. However, legacy digital assets like Bitcoin and Ethereum retested the 2018 lows. Bitcoin is attempting a recovery above the broken support at $3,300. Ethereum on the other hand, is also in the red with subtle intraday declines of 0.31%.

Litecoin price has resumed the uptrend, after testing the primary support at $22. The bullish trend has stepped above the 23.6% Fib retracement level with the last swing high of $25.13 and a downside of $22.9. The only hindrance to the spike is the 100 SMA on the hourly timeframe chart. Slightly above this level LTC/USD will encounter growing selling pressure at the 38.2% Fib level.

The bulls have eyes on $25.00, however, before that the seller concentration zone at $24.33 (marginally above the 61.8% Fibo) will limit upward movement. Technical indicators on the chart show that the bullish momentum is likely to prevail in the coming sessions before the weekend trading sets in. The MACD is back to the levels on Wednesday this week inside the positive region. Moreover, the Relative Strength Index has made it into the overbought region.

LTC/USD 15’ chart

Source: fxstreet

Litecoin

Altcoins are rallying once again with Litecoin leading the charge

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Altcoins are rallying once again with Litecoin leading the charge

The cryptocurrency markets have begun to rally once again with Litecoin (LTC) leading the charge for the top 10 cryptocurrencies, as per data from CoinMarketCap.

After enduring a week of losses, bitcoin jumped by $1,000 within an astonishing thirty minutes yesterday, prompting gains from the altcoin market. However, Litecoin was the clear winner, rising by a whopping 13%.

At the time of writing, Litecoin is trading at $98.98, however, at one stage the altcoin spiked to as much as $100 per token.

Altcoin markets in the green

It seems that the broader crypto markets are all in the green for now, which is a breath of fresh air considering a week of red. Bitcoin once again rallied and defended a critical area above $9,000.

Following the OG cryptocurrency’s moves, altcoins such as EOS, Binance Coin (BNB), Ethereum (ETH), and Bitcoin SV (BSV) have all seen gains between 7 and 12%.

Litecoin takes the prize for top-performing altcoin, leading the pack by an extra 1% in 24-hour gains.

The leading cryptocurrency, bitcoin (BTC) has surged by over 8% in the past 24 hours. After slumping below the $10,000 area yesterday, bitcoin has seen an impressive rally back to trading at $10,400 at the time of writing.

Ethereum has also recovered from several days of lows, managing to climb back to $220 in the past 24 hours.

Notably, Stellar has pushed TRON (TRX) out the top 10 cryptocurrencies as it managed to rally by 7% to exchange hands at $0.088531 at the time of writing.

Bitcoin SV is also up by nearly 7% and exchanging hands at $138 at the time of writing. The altcoin’s rally could be attributed to the recent news that it is now available in Brazil.

In a nutshell, the top twenty cryptocurrencies are all in the green, save for UNUS SED LEO which has seen a 2.8% dip in the past 24 hours to trade at $1.31.

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Litecoin Creator Charlie Lee Says Crypto Traders Should Take Profits

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Litecoin creator Charlie Lee says crypto traders should take profits when the market is up.

In a new ask-me-anything hosted by Chainnode, Lee talks about market psychology and his decision to sell all of his LTC near the height of the 2017 bull run.

“I didn’t know when the bear market will hit, but I did know that it was bound to happen. Having been in this industry for 6 years at the time, I’ve seen multiple bear and bull markets.

We always overshoot both on the upside and the downside. So when the market has been going up a lot, it’s always good to take some profit. That said, when I sold, I wasn’t thinking of timing the high. That was just luck. No one really knew and I didn’t know. I thought LTC might hit $1,000 at the time.”

Lee says he believes short-term volatility in the crypto market won’t stop LTC and Bitcoin from thriving in the long run.

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Litecoin (LTC/USD) forecast and analysis on July 20, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 99.58. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on July 20, 2019

As part of the Litecoin course forecast, a test level of 98.20 is expected. Where can we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 117.20. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator at 76.50.

Litecoin (LTC/USD) forecast and analysis on July 20, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below 72.50. This will indicate a change in the current trend in favor of bearish for LTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on July 20, 2019 implies a test level of 98.20. Further growth is expected to continue to the area above the level of 117.20. The conservative area for buying Litecoin is located area of 76.50. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 72.50. In this case, we should expect the continuation of the fall.

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