The crypto market is still trying to regain its uptrend. Litecoin is following the tide, which makes us wonder if it will be able to set new all-time highs in the near future.
At the time of this writing, LTC is trading at $ 181.36, accumulating a loss of 2.28% in the last 24 hours.
We recently saw how this cryptocurrency jumped almost 40% thanks to a false rumor with which they announced that Walmart would start accepting payments with Litecoin.
However, the supermarket chain quickly came out to deny this news. This sparked a selloff that wiped out all profits in one fell swoop.
But how good or bad did LTC turn out after this? Let’s find out next.
Litecoin technical analysis gives a very good forecast, it is quite feasible to reach new highs
When we look at the monthly chart Litecoin vs US Dollar, we notice a very good scenario, as we are seeing the development of long-term momentum, which could well push the price towards new all-time highs.
We can note that after long years in correction, the LTC price recently managed to resume its historic uptrend. This is confirmed by the fact that it began to mark higher and higher lows and highs, and crossed the descending diagonal line that I mark in the chart below.
In the first half of the year we saw how this cryptocurrency came to challenge the resistance zone left by the all-time high of 2017, but we quickly saw selling pressure at that point.
After a major pullback, now the price seems to be picking up its trend. The 8-month EMA and 18-month SMA are working as dynamic supports currently.
In the weekly time frame we see how after picking up demand above $ 117.58, the price of Litecoin began to mark increasingly higher lows, and now to continue to maintain support at $ 174.48, it is very likely that it will look for new highs historical events in the near future.
LTC must break through this resistance to regain short-term trend
Despite how positive the reading of the older charts may be, in the short term Litecoin has yet to confirm that it will seek to set new all-time highs.
As we see from the daily chart, the price is locked in a small lateral range with resistance at $ 189 and support at $ 165.
Due to the dominating bullish force seen on larger time frames, and the continued formation of ever higher lows and highs, the odds are on the side of a breakout over the top. This would open the way to a rapid rise to a minimum of $ 232.
Losing the support level could be postponing Litecoin’s pursuit of all-time highs; however, it will not be too worrying a scenario as long as the major trend continues.
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