Litecoin Price Heads Back to $60 Thanks to Strong Gains

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The past few days have been filled with ups and downs for most major cryptocurrencies. Although some altcoins would prefer not to be correlated with Bitcoin, they can’t escape this inevitable fate these days. Slowly but surely, things are heading back in the right direction regardless. This is especially true where the Litecoin price is concerned, as surpassing US$60 again is only a matter of time right now.

LITECOIN PRICE GETS BACK ON TRACK

Given some of the losses sustained by Litecoin and other altcoins these past few days, it is good to see some positive momentum once again. At the same time, there are a few good reasons to get excited about the future of Litecoin, as a lot of intriguing things are taking place behind the scenes right now. Over the past week, we have seen some of this news heavily influence the Litecoin price, which confirms that the current valuation doesn’t represent the true value of LTC.

To put this into perspective, the Litecoin price went from US$51.50 all the way to US$70 a few days ago. Such significant growth was partially due to the Bitcoin price having recovered, but was also due to work put in by the Litecoin developers. Unfortunately, sustaining this positive momentum has not been easy, as the LTC price soon dipped below US$55 again. Speculators will certainly have made good money from these price swings, which is only to be expected at this point in time.

With all of that behind us, it is time to look toward the future Litecoin price. Right now, we see LTC valued at just under US$60, which shows there is some positive momentum in place as we speak. This 6.86% increase in value over the past day is pretty spectacular for multiple reasons, as most other altcoins didn’t even come close to that number. Additionally, Litecoin also gained in value compared to Bitcoin, seeing 1.03% growth.

Bitcoin Price Technical Analysis: Sliding Down Towards Supports

 

Bitcoin price was unable to show bullish momentum past its recent highs, paving the way for a test of the nearby support levels.

The Status:

  • Bitcoin price was consolidating tightly in a small symmetrical triangle below its all-time highs.
  • Price broke to the downside to signal that buyers are not strong enough to take it to new highs.
  • This could put the cryptocurrency back on track towards testing the next support areas at $2300 then at $1850.

 

Technical Aspect

The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. However, the 200 SMA appears to be holding as near-term dynamic support at the moment and bitcoin price might need to push past these barriers before gaining traction on its selloff.

The next support levels are located at $2300 then at $1850. Stochastic is heading down so bitcoin price might follow suit while bearish pressure remains in play. RSI is also moving lower to confirm that sellers are in control of price action.

However, it’s also worth noting that both oscillators are nearing oversold levels so there’s a chance that buying pressure could return soon.

Market Factors

Bitcoin has actually drawn strong support from the BIP 91 lock-in as this marks the start of the move towards the SegWit2x upgrade. However, dollar bulls are refusing to back down on the heels of upbeat US reports, positive earnings, and progress in fiscal reform.

The latest boost to the dollar came mostly from the Senate vote to open the debate on the healthcare bill, which would mean amendments to the current version before the final legislation to replace or repeal Obamacare is passed. This marks a significant development in the Trump administration’s push for fiscal policy changes, renewing hopes that tax cuts could follow a similar path.

Also, expectations ahead of today’s FOMC announcement are also keeping the dollar afloat against bitcoin price. Although the June CPI and retail sales fell short of estimates, upbeat leading indicators like the CB consumer confidence and manufacturing PMIs are hinting that policymakers could stay optimistic with their assessment.

 

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of SimpleFX

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So far, things are looking quite promising for the Litecoin price. With almost US$245 million in 24-hour trading volume, this momentum may very well carry the Litecoin price to US$65 before the day is over. Cryptocurrency markets are still extremely volatile right now, though, and a trend reversal is not out of the question either. Only time will tell which scenario will play out, but for now, it’s all about cautious optimism.

Interestingly, OKCoin is also making a strong comeback in the Litecoin trading department. With US$11.3 million in 24-hour volume, the Chinese platform is again the fourth-largest exchange. The company is still well behind Bithumb, GDAX, and Bitfinex, though. Overtaking any of these three companies will be a big challenge, to say the very least. Still, it is good to see more exchanges hit eight-digit volumes when it comes to Litecoin these days.

For the time being, no one can predict what the Litecoin price will be in a few days or even hours from now. Positive momentum is in full effect, but it is still too early to draw any real conclusions. People well-versed in technical analysis will be able to provide a much better answer to this question right now. For now, it is important to remember Litecoin has a bright future ahead, regardless of what the price is by the time you read this article.

Source: Themerkle