Can Litecoin Reclaim and Sustain the Crucial Price Level of $50.00?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Litecoin is on a significant positive move with the help of the overall market conditions on Saturday’s market session. 
  • The LTC/BTC pair is also performing positive with an overall gain of 1.10% bringing the current level to 0.00436094 BTC. 

Litecoin is strongly in pursuit to reclaim the crucial price level of $50.00 with an overall gain of 3.52%. The market capitalization is at $ 3,424,051,616 and the 24-hour volume traded of $ 3,002,100,993. 

Source: Coinmarketcap

The weekly price chart highlights that the current positive move has provided a significant jump to the price levels when the cryptoasset was looking to consolidate. LTC is moving in between the price range of $40.00 to $50.00 from the past month. Therefore, it is a must for the cryptoasset to break above the resistance level of $50.00 to reach new levels this month. As the next resistance level lies around $60.00, it can improve from the current levels in a very short span.

Technical Levels Looks on Litcoin’s Side 

Source: Tradingview

The technical chart focuses on the double downtrend faced by litecoin in September and bringing the price levels below 0.236fib level. The downtrend was later followed by a positive breakout which now has crossed the resistance placed at 0.382fib level. This means that the altcoin is showing its potential to surpass the resistance level of $50.00. 

Both the relative strength index and commodity channel index had gradual positive recovery in the levels. The current levels stand at 64.33 and 123.32 respectively indicating bullish signs. 

Where Litecoin Can Be Headed?

Due to its strong bullish sentiment, the cryptoasset can be successful in breaking above $50.00 otherwise can be the trap of investors’ FOMO  of a rational selling price. On the downside, LTC got a major support level of $45.00. 

RESISTANCE LEVEL: $50.00

SUPPORT LEVEL: $45.00 

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