Litecoin Buyers are in a Good Position, as LTC/USD Moves Above $180
The situation was looking desperate for Litecoin from the middle of May until late July, as this crypto kept declining, while buyers were nowhere to be seen. Litecoin lost around 75% of its value, which was considerably more than most major cryptos lost during those dark times for the cryptocurrency market.
Now, everything seems to have changed. The war on cryptos continues, with China advancing its crackdown and other countries starting to tax certain parts of this market, but digital coins seem to be used to this now, and it isn’t bothering them anymore. So, they keep marching higher, with some of them resuming the larger uptrend that started late last year.
Litecoin Analysis – LTC/USD H4 Chart
Litecoin hasn’t exactly resumed the bullish trend yet, but it is looking quite bullish on the H4 chart above. Moving averages turned into support as soon as they were broken, and the smaller ones, such as the 20 SMA (gray) have been the ultimate support on this time-frame.
This indicates that the buying pressure is quite strong, with buyers jumping in at the first opportunity after the pullbacks. Yesterday we saw a pullback in the crypto market, that sent Litecoin from just below $180 to just above $160. But, the 20 SMA held as support, despite being pierced, and the price bounced off that moving average, after LTC/USD formed a pin candlestick, which is a bullish reversing signal, above it.
Litecoin Analysis – LTC/USD Daily Chart
Litecoin facing the 200 daily SMA now, after pushing above $180
On the daily chart, LITECOIN looks to be turning bullish, but it hasn’t resumed the larger bullish trend yet, as long as it stays below the 200 SMA (purple). Buyers were finding it hard to push above the 100 SMA (green) and the $180 level, but they have pushed above them now, and only the 200 SMA remains on the way up. Crypto buyers seem to be quite active now, so the buying pressure in Litecoin is quite strong, suggesting that the 200 daily SMA might be broken soon. That would put Litecoin back on a bullish trend.
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