The bulls return 5% gains for Litecoin as the price reached $46 price level and is even poised for more gains after moving out of the four-weeks downward movement. In the latest Litecoin news, we take a closer look at the price action of the asset.
A further break above 0.0050 BTC level could signal strength for the asset and the price is now looking more bullish across trading pairs. The key resistance levels for Litecoin now reached $47, $50, and $56 while the key support levels include $44, $42, and $39. Over the past few days, the crypto market is rising. The price of Litecoin increased slightly as the bulls return 5% of Litecoin’s price over the past hours after breaking out of the downward range. However, the current bullish action was plotted from the blue demand area on May 11. The price is slowly approaching a hidden resistance of $47.
Litecoin is trading around $47 over the past few days, and once it manages to surpass the current resistance of $47 while the next target is standing at $50.07 which was April’s high. The break from there should send the price right to the $56 level. In the past two days, the price surge was supported at $44. If this level fails to hold, the price could continue the downward movement into the blue demand while the last defense line for the short-term bulls is set at $39. However, if we look at the current market sentiment, the bulls are gaining their control back.
After establishing the weekly support of 0.00465 BTC, Litecoin saw a 2-day bounce to where it is now facing a minor resistance. The latest price increase was activated by the bullish pattern so LTC still has to clear a major resistance level before it gets out of the wood. Despite the potential struggles, LTC could remain bullish on the 4-hour chart with the current price of 0.004906 BTC. One thing that could suspend the buying pressure is the yellow regression line that is forming since the start of March.
As soon as Litecoin gets to the key resistance levels, the next major move is expected to reach 0.00524 BTC. Before the breakout, there is a small resistance at 0.004966 BTC. As it seems now, there’s no sign of sellers on the market.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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