Litecoin LTCUSD
The Litecoin price is in a slow uptrend as the ongoing strength of the cryptocurrencies industry continues. LTC is trading at $210, which is 40% above last week’s low of $150. It has a market cap of more than $14 billion and is the 9th largest crypto project in the world.
LTC news: There have been no major Litecoin-related news. Instead, the ongoing rally is mostly because of the $1.9 trillion stimulus package that Joe Biden signed into law yesterday. Analysts expect some of these funds to go to cryptocurrencies directly and indirectly. The LTC price is also rising because other cryptocurrencies have rallied recently.
For example, BTC and ETH prices have already jumped by more than 20% in the past 7 days. Further, fears of runaway inflation have eased relatively in the past few days meaning that the Federal Reserve could leave rates unchanged for a while. Low interest rates are usually bullish for crypto and other risk assets.
The four-hour chart shows that the LTC price has been on a strong upward trend in the past few days. This has seen the price move above the short and longer moving averages. It has also moved slightly below the 23.6% retracement at $216.
However, the price has formed an ascending wedge pattern that is usually a sign of reversal. In fact, the current price is close to the convergence level of this wedge. Therefore, while the upward trend will continue as bulls try to retest the YTD high of $246, we should not rule-out another short-term pullback. This is because the rising wedge is usually a reversal pattern.
