Litecoin [LTC] Outperforms Bitcoin Ahead of Mining Rewards Halving | ELEVENEWS
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Litecoin [LTC] Outperforms Bitcoin Ahead of Mining Rewards Halving

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  • Litecoin spikes 33% in seven days to become the best performing altcoin.
  • Litecoin is still in the middle of bullish pressure in spite of the correction from the new high.

Litecoin has broken away from Bitcoin price to champion its unique recovery journey. The price of most of the cryptocurrencies like Ethereum and Ripple are still tied to Bitcoin movements. However, at the moment, Litecoin has shown the ability to act independently of what is going on with Bitcoin.

Initially, there was a break above $120 but the momentum stalled slightly under $130. In just a week Litecoin has added 33% to its value becoming the best performing altcoin of not cryptocurrency in a consolidating market.

LTC/USD 4-hour chart

Litecoin price chart
Chart Source: Tradingview

Litecoin surged above the resistance at $130 and extended the gains to a new 13 months high above $140 during the Asian trading hours on Wednesday. Meanwhile, a correction from the new 2019 high at $142.19 is having LTC/USD hunt for balance. The price is trading at $137 at press time and it appears that the retracement will occur until we find credible support.

The Relative Strength Index (RSI) has been forming a higher low pattern since June 4. Moreover, it has recovered into the overbought after forming support at the 50 average. Retraction from the overbought will mean that the bulls are exhausted following the surge. It is likely that Litecoin will test $130 level to create more demand before advancing north to attack higher levels around $150.

The moving averages are playing catch at the moment, but the double of the 50 Simple Moving Average (SMA) above the longer term 100 SMA means that Litecoin is still in the middle of bullish pressure in spite of the correction from the new high.

Litecoin Technical Indicators

RSI 4-hour: Shows diminishing bullish pressure as Litecoin corrects from new highs.

50 SMA and 100 SMA: Credible support above $110.

Key Support Areas: $120, $100 and $85.

Key Hurdles: $140 and $150.

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Litecoin

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 135.15. 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 middle border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on June 26, 2019

As part of the Litecoin course forecast, a test level of 132.50 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 152.10. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at the level of 130.20.

Litecoin (LTC/USD) forecast and analysis on June 26, 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 the moving average with a period of 55 and closing quotes pair below 128.50. This will indicate a change in the current trend in favor of the 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 June 26, 2019 implies a test level of 132.50. Further growth is expected to continue to the area above the level of 152.10. The conservative area for buying Litecoin is located area of 130.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.50. In this case, we should expect the continuation of the fall.

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Litecoin (LTC/USD) forecast and analysis on June 25, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 134.08. 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 lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on June 25, 2019

As part of the Litecoin course forecast, a test level of 130.50 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 148.20. The conservative area for buying of Litecoin is located near the lower border of the Bollinger Bands indicator strip at level 129.50.

Litecoin (LTC/USD) forecast and analysis on June 25, 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 the area of ​​128.20. This will indicate a change in the current trend in favor of the 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 June 25, 2019 implies a test level of 130.50. Further growth is expected to continue to the area above the level of 148.20. The conservative area for buying Litecoin is located area of 129.50. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 128.20. In this case, we should expect the continuation of the fall.

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LTC/USD bulls are struggling to break down $500

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LTC/USD bulls are struggling to break down $500

  • Litecoin price on Monday late in the second half of the session is trading in negative territory down some 1.25%.
  • LTC/USD bullish pennant pattern can be viewed via the daily chart. 
  • A wave of selling pressure was seen in the session on Sunday, after a key near-term ascending trend line break. 

Spot rate:                 

Relative change:      -0.25%

High:                        136.88

Low:                         133.42

LTC/USD 60-minute chart

  • The 60-minute chart view shows the price consolidating within a bearish pennant. The price may be exposed to some further downside before another push north. 

LTC/USD daily chart

  • Price action is moving within a bullish penannt structure, subject to a potential breakout. 

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