- Summary:
- Litecoin LTCUSD outperforms it’s crypto peers for one more day and managed to recover the morning losses. As of writing the crypto pair
Litecoin outperforms it’s crypto peers for one more day and managed to recover the morning losses. As of writing the crypto pair is 1.85% higher at $82.04 close to six-month highs. LTCUSD is one asset with the most gains in 2020. The pair is 99% higher since the beginning of the year. Litecoin was under selling pressure during 2019 and lost 45% of its value. 2020 started in bullish momentum as litecoin rallies since January 2.
Litecoin market capitalization has reached now $5.24 billion, the 100 top cryptocurrencies capitalization surpassed the $303 billion
Read our Best Trading Ideas for 2020.
Litecoin Price Analysis
Litecoin continues to make higher highs and higher lows since the beginning of January forming a strong bullish trend. LTCUSD upward move accelerated after the price pierced the 50-day moving average.
On the upside, first resistance stands at $82.66 the daily high. Next strong resistance for Litecoin (LTCUSD) will be met at $85.90 the high from August 14th. In case of a bullish breakout, next target for the bulls will be at $90.14 the top from August 12th.
On the downside the first support stands at $78.60 the daily low. Next support zone will be met $76.77 the low from February 12th. More bids would emerge at $72.40 the low from February 11th trading session.
All in all the technical outlook is bullish for Litecopin and only a break below the 200-day moving average might cancel the uptrend.