Physical version of Litecoin, new virtual money. Conceptual image for worldwide cryptocurrency and digital payment system called the first decentralized digital currency.
Litecoin price is trading higher as the bulls eye the psychological level of $200. According to CoinMarketCap, its market cap has risen by 1.27% while its trading volume is up by 7.64% over the past 24 hours. In comparison, the global crypto market cap has dropped by 0.74% to $2.49 trillion. At the same time, the total market volume has increased by 10.78%.
LTC has extended Monday’s gains as the bulls eye the psychological level of 200. Since its plunge in early-September, 200 has been an evasive zone for the altcoin.
Granted, Litecoin price skyrocketed to 237.93 in mid-September before retracting to below the aforementioned level. Subsequent efforts by the bulls to retest the psychological mark have been unsuccessful.
At the time of writing, the crypto was up by 2.26% at 189.83. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages; which is a bullish sign. In the short term, I expect Litecoin price to remain steady above the crucial support zone of 160.
It will likely find support along the 50-day EMA of 182.50 as the bulls gather enough momentum to hit their next target. However, to get to that level, they have to break the resistance at 195.40. This thesis will be valid for as long as it remains above Monday’s low of 176.76.
This post was last modified on Oct 19, 2021, 08:11 BST 08:11