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LTC/USD Bulls Not Relenting

John Isige
  • Litecoin is among the strongest double-digit gainers on Friday with gains of 2.24%.
  • A correction above $60.00 is essential for further correction to higher levels.

LTC/USD continues with its aggressive trend which commenced at the beginning of February. In February alone Litecoin surged 15% to close the month trading roughly at $46.44. The gains spilled into March with the crypto having added 11.2% to its value. Litecoin is among the strongest double-digit gainers on Friday with gains of 2.24%. Other strong gainers include Bitcoin Cash which is up 3.2%, Ethereum Classic which is up 2.39% and EOS with 1.34% growth on the day.

Looking at LTC/USD 4-hour chart, we see a bullish trend that has defied all odds to sustain higher highs and lower highs above the trendline support. Litecoin has in the last six weeks broke several barriers, for example, the hurdles at $35.00, $45.00 and $50.00. The trading in March has pulled the asset further up above $55.00. Although the price has corrected above $60.00, Litecoin has not been able to break above the resistance at $60.00.

At the time of press, Litecoin is trading at $57.73. The bulls have been making attempts to break above $60.00 but the bearish pressure keeps sending them back towards the $50 support. A correction above $60.00 is essential for further correction to higher levels. Marginally below the current price, the 50 SMA 4-hour is offering support. Other support zones are at $55.00, the 100 SMA 4-hour, $45.00, the 50% Fib retracement 4-hour and the main support at $30.00.

LTC/USD 4-hour chart

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