Litecoin wants sustained upward strain above $130 to focus on its highest value stage since June 2019
Litecoin (LTC) has confronted sturdy resistance at $130 however might finish the yr on a excessive if bulls strengthen above the barrier inside the subsequent few hours.
On the time of writing, the LTC/USD pair is altering palms round $128, 1.4% down previously hour however up 3% on the day and 16% over the previous seven days.
Litecoin’s value motion might additionally make or break above the $130 stage relying on what occurs with Bitcoin (BTC). The optimistic outlook might strengthen if BTC rallies above $28,000 and breaks the resistance line that has curtailed its dominance index over the previous couple of days.
In the meantime, LTC costs may dump if bulls fail to take initiative, permitting bears to focus on costs round $95—$93.
Is LTC/USD prepared for one more leg up?
Litecoin’s latest upside energy noticed its value double, surging from lows of $70 to inside cents off $140.
The bullish momentum, nonetheless, wasn’t sturdy sufficient to propel LTC value over the hurdle. The final three days noticed a retreat to lows of $120, with makes an attempt at retesting $140 thwarted by the presence of a bearish wall round $130.
As might be seen on the each day chart, bulls want to interrupt above the $130 resistance stage and maintain the momentum in the direction of latest highs. If the upward motion holds, LTC/USD might breach resistance at $146 to focus on a month-to-month shut above $150, the best value stage since June 2019.
LTC/USD each day chart. Supply: TradingView
Quite the opposite, if the value falls on account of an altcoin sell-off, an preliminary help zone is on the 20-EMA ($111) and the psychological stage at $100. Additional declines might see consumers search to defend features on the important help ranges round $95 and the 50-EMA ($93).
Bitcoin dominance index chart. Supply: TradingView
As famous above, quick time period value motion for LTC/USD is probably going going to reflect that of Bitcoin (BTC). The 2 belongings are likely to correlate closely. So, as BTC/USD is poised to cross above $28k once more, Litecoin may benefit from the upside wave and publish additional features. The identical outlook might materialise if the Bitcoin dominance index (BTC.D) breaks greater above 70.
If we take a look at the month-to-month candle chart above, BTC.D is trending in an ascending triangle sample. This means that there’s potential for the dominance index to interrupt greater, possible triggering a massacre for altcoins. Or it might recoil off the resistance and dip as altcoins strengthen.