Litecoin price analyses show that the altcoin corrected its movement and the main $75 support level. It is likely preparing a strong upwards movement above the $85 resistance level so in today’s altcoin news we take a closer look at the analysis.
The litecoin price analysis shows that the altcoin corrected the lower $70 support area and is retesting the $75 support area again. LTC is setting up for a new strong movement since it already traded as low as $74.11 and rebounded above the $76 price point. The cryptocurrency is trading currently inside a correcting triangle that we should watch closely on the hourly charts. The price is expected to accelerate even higher once the cryptocurrency breaks above the $80 resistance level.
Earlier today, a strong upward motion in ethereum, bitcoin cash, bitcoin, Eos and Cardano happened. According to the litecoin price analysis provided on CoinMarketCap, the cryptocurrency also increased significantly higher above the $78 level before stabilizing at $76 and it seems like the bulls are gaining momentum in the near term.
If you take a closer look at the 2-hours chart Litecoin price analysis shows that the LTC/USD pair spiked below the $75 level and traded all the way at $74. However, the first support area was standing strong since the price jumped back over the $76 price level and has a 25 simple moving average. There was also a break above the 23.6% Fib retracement level when the litecoin price analysis showed a decline from the $85 all the way down to $74. The price even reached a $79 level but didn’t continue the pace above the $80 resistance level.
Also, it is important to notice that the decline from the previous $85 to the $74 low is pretty much a solid resistance though it may not seem like one. The price is still fluctuating inside a major triangle with multiple resistance levels around the $79 on the same charts. If the Litecoin price analysis doesn’t show a possibility above the $80 resistance levels, the cryptocurrency could gain even further all the way up to the near $85 level. Also, if the bulls remain in action, the price could even reach the $90 level as analyzed previously in the coming altcoin news.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
Messari Report: BTC Could Copy Gold’s Behavior And Drop Dramatically
“I would not be surprised if BTC performs like gold did 2008-2011.’’McArdle referenced some of the fresh comments that were made on gold by Raoul Pal who is the serial asset manager who presented a buoyant outlook for both Bitcoin and gold during the Stephan Livra podcast. On the topic of gold’s current return to form in line with the number one cryptocurrency, he stated that the markets are now preparing for the dollar’s own winning streak. He tweeted:
“Gold is rightly doing its job, sniffing out a BIG problem and is exploding higher, outperforming even the super strong dollar as gold begins to price in an end game of an eventual MASSIVE readjustment of the dollar (in 12 months? 18 months?).’’As it was reported in the latest cryptocurrency news, the Bitcoin price bull runs since April have started a strong debate once again about the potential long-term and gold-like safe-haven assets. There are now more and more figures that continue to shift into Bitcoin for investors that are looking for a hedge against the inflation that is currently happening. Some of the figures include Circle’s CEO Jeremey Allaire as well as some other consultancy executives this week. For example, Peter Schiff doubled down on his opinion that gold is now better than cryptocurrency. He even took it to Twitter and stated that many customers are not buying Bitcoin because it is a safe-haven asset:
“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”
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