Is Litecoin Heading for New 52-week High trading at $59.51?

  • The coin trading at the level of $59.51 gains 4.77% in the last 24-hours and increases about 21.35% over the week 
  • The coin is in bullish momentum after testing the level of $42.54 over the monthly chart as the monthly low
  • LTC market capitalization stands at $3,911,178,026 and volume traded in the last 24-hours is $3,682,269,847
lit 1
Source: tradingview

Over the monthly chart of Litecoin, it has a low of $42.53 which is tested twice and after testing it the coin shows the impulsive move resulting the CMP to reach at $59.51 with a gain of 4.77%. After clearing the level of $51.05 at resistance mark, it gave a sharp bullish movement with the support of positive sentiment in the crypto market. It has built up new support at $51.05 level and tested multiple times, which is now acting as support in the short term. Meanwhile. The level of $48.0 acting as the major support for it. As it is tested multiple times and level of $60.50 and $63.60 respectively acts as the resistance level for the cryptoasset.   

Source: tradingview

Relative Strength Index (RSI) is trading at the level of 55 which is near the neutral level, over the RSI chart it has the positive momentum as it is trading with rising support and also makes the double top pattern over it and as the support breaks we expect a downfall in it.

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Commodity Channel Index (CCI) is at the level of +10.22. It is making lower highs over its chart and indicating bearish momentum in the coming trading session. 

Source: tradingview

Moving Average Convergence Divergence (MACD) makes a double top pattern over the chart and multiple crossovers are observed indicating the coin is facing the rejection and resistance at the level of $60.50.

Support level: $51.05 and $48.00 

Resistance level: $60.5 and $63.60 

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Pratik Chadhokar
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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