Spotlight: Litecoin (LTC)

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LTC Technical Analysis: LTC/USD explodes higher by 25%

  • The current bullish trend spikes higher after holding key support at the 200 Day MA as identified in our Daily Market update on the 27th of Feb

  • Key near term support levels seen at $50.50/$51.00 resistance seen towards $57/$60

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  • Taking a look at the 1-hour LTC/USD chart, we see an incredible reversal from the support at $44.50/$45.00 confluence zone yesterday.

  • The attempted recovery last week failed to break above $50.00 leading to a retracement towards the mentioned support. The current bullish trend has spiked in two candlesticks pulling LTC/USD above $50.00 and towards our take profit level of $57.00 as identified in our trade recommendation from the Daily Market Report on the 20th of Feb, if Litecoin trades at this level it will return 22% on our trade.  

  • In the short term it is vital that Litecoin establishes support above $50 in order to prevent trimming the gains and focus on higher levels towards $65.00.

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Daily Technical Analysis Summary: Strong Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $54.00

Support 2:               $52.00

Resistance 1:              $57.00

Resistance 2:          $60.00


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