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Market Analysis

Litecoin Technical Analysis – BTC Surge Mirrored

Bitcoin’s surge of around 7% today has acted as a perfect catalyst for Litecoin to do the same. Currently, also up around 7% (for the day) to around $84, LTC has been one of the best performing coins since the turn of the year.  After Charlie Lee’s (rather convenient) prediction that LTC could fall to around the $20 region, a low of $23 was seen around mid-December, and the price has been on a steady incline ever since.

With strong fundamental announcements, including the Mimble-Wimble announcement, LTC’s investors have plenty to be optimistic about. Being one of the few currencies that are already being used for payments in thousands of locations, it’s use case has never been under scrutiny.

Litecoin’s chart currently has price action between two key zones, and should there be a breakout through either of these, it would be of real significance. Today’s surge found resistance at the $84 level. The upside bias will be much stronger should this $84-94 zone be cleared, $100 should follow shortly thereafter. The bottom side of this zone finds support at $66-69, with major support at $62 just below.

Short-term bias will not be confirmed until a break into either mentioned zone is clarified, however, the upside would be favoured as it stands.

 

 

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