LTC/USD rallied today, after hitting support at 161.15 yesterday. The rally took the crypto above yesterday’s peak of 179.14, thereby confirming a forthcoming higher high. This, combined with the fact that the price continues to trade above the upside support line drawn from the low of July 20th, keeps the near-term outlook positive.
We believe that the break above 179.14 may have opened the way towards the 197.15 zones, which is defined as resistance by the peak of June 3rd. If that area is not able to stop the advance either, then a break higher could see scope for extensions towards the 208.20 territories, marked by the high of May 27th.
Shifting attention to our short-term oscillators, we see that the RSI turned up after hitting support at the 50 lines, while the MACD, already positive, appears ready to move above its trigger line. Both indicators detect strong upside speed and support the case for further advances in this cryptocurrency.
On the downside, a dip below the 158.10 barriers, marked by yesterday’s low, could signal the break of the aforementioned upside line and could set the stage for the 144.95 barriers, the break of which could allow extensions towards the 133.95 zone, which provided strong support between July 28th and August 5th, or the 126.80 territories, marked by the low of July 27th.
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.
72,99% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.