Litecoin LTCUSD
Litecoin price is under pressure today after rallying by more than 5% yesterday. LTC is down by more than 3% and is trading at $147.90, which is slightly lower than yesterday’s high of $157. Other cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash are slightly below their highest points yesterday.
What’s happening: Like all digital currencies, Litecoin price has had an eventful week. Early this week, its price dropped to a low of $110 due to the overall sell-off in cryptocurrencies. This performance was due to profit-taking and panic. Since then, it rose by about 40% as investors remained optimistic about the currencies. There was no major news this week about Litecoin. In fact, the only major crypto-related news during the week was about Cardanao, the digital currency that went through a hard fork. Another one was from Grayscale, which decided to dissolve its XRP fund after Ripple was sued by the Securities and Exchange Commission (SEC).
On the four-hour chart, we see that the Litecoin price has had a strong momentum this week. In fact, the 15-day and 25-day simple moving averages have already made a bullish crossover. The price is also slightly above the blue ascending trendline. Similarly, the Relative Strength Index (RSI) has continued to rise.
Therefore, I suspect that LTC will continue rallying as we move into the weekend. In fact, in the past few weeks, all cryptocurrencies have been rallying during the weekend before pulling-back in the first days of the week. Therefore, the next level to watch will be $180.
