Litecoin value moved sideways on Monday as traders embraced a risk-off sentiment. The coin was buying and selling at $97.24, which was a number of factors beneath the year-to-date excessive of $102. Litecoin has been one of many best-performing big-cap cryptocurrencies on this planet. In contrast to most cash, its rally began in June final 12 months when it dropped to a low of $47.85.
Litecoin value evaluation (1D chart)
The LTC/USD value has been in a robust rally up to now few months. This rally was validated when the coin moved fashioned a golden cross sample. In monetary buying and selling, this sample kinds when the 50-day and 200-day shifting averages makes a bullish crossover. The cross occurred on December 16.
Up to now few months, Litecoin has moved above a number of necessary resistance ranges. The newest was when it moved above the important thing degree at $85.20, the very best level on December 6. It additionally moved above the psychological degree of $100.
The coin has additionally jumped above the ascending trendline proven in black. Due to this fact, I believe that the bullish development will proceed as Litecoin’s hash fee continues rising. It has jumped to an all-time excessive, signaling that the community stays considerably wholesome.
If this development continues, Litecoin will doubtless proceed rising as patrons goal the important thing resistance level at $120, which is about 23% above the present degree.
LTC/USD value 4H evaluation
Turning to the 4H chart, we see that the LTC/USD value has fashioned an ascending channel proven in black. The value has moved barely beneath the center line of this channel. It’s also consolidating on the 25-day shifting averages. Due to this fact, whereas the coin has made a slight pullback, I believe that the bullish development will proceed within the coming days.
If that is correct, the coin will doubtless retest the necessary resistance degree at $102.16, the very best level this 12 months. A transfer above that resistance level will see the Litecoin value proceed hovering, with the important thing degree to look at being at $120. This view is in step with that on the every day chart.