If you have been wondering and asking yourself what is Litecoin trying to do lately, LTC finally has an answer. As it stands, the technicals behind the cryptocurrency show that Litecoin gains 10% overnight and is finally above the $40 mark.
The altcoin news also show that the cryptocurrency market began the week on a good note, with a positive outlook as the price of gold rallies today. The top coins began to see small bullish signs late yesterday, which continued today and now we can see the trading pairs continuing to push in gains.
The LTC/USD pair initially had 7% gains on the day, something that continued overnight and translated to 10% gains this morning. Now, Litecoin gains 10% but the profits can be extended as the day progresses and as LTC sweeps through the $40 area.
If we take a closer look at the LTC/USD daily chart in the Litecoin news, we will immediately see that the blue psychological $40 area for Litecoin is now the closest resistance area. When it comes to support, the red horizontal positions are a little above the $34.50 areas and are also becoming prominent now.
However, it is safe to conclude that as Litecoin gains 10% overnight, the support looks solid at $30 which is the realistic level. However, the bears may need to retake control of the price of the coin and will be pushed to that point. The long-term outlook for LTC/USD shows that the price trend for the asset is still down – at least until Litecoin (LTC) reaches the $44 area.
Will the Litecoin gains today extend – and what is Litecoin trying to achieve today?
This may be the most important question to ask right now. Based on the technicals that we are seeing, investors are getting confident about profits from Litecoin (LTC) but there is still word of advice to show caution.
The price of LTC has a massive single-day percentage gain which won’t hopefully wear off or decline today. During the last seven days, the gains were even higher and Litecoin added around 20% to its price. At the current price level, investors are happy with the coin and the position that it managed to reach.
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