Litecoin (LTC) Price Analysis: Bulls Sighting Fresh Increase Above $120

Bitcoin BTC

Bitcoin BTC

This month, LTC has seen its price grow by over 60%.

Ethereum has fallen by a small 1.50% over the past 24 hours, causing the asset to drop toward the $239.20 level. Investors seeking to trade Litecoin Plus should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Gemini or Changelly. Ethereum remains ranked in 2nd position amongst the top cryptocurrency projects by market cap value as it presently holds a $26 billion market cap valuation.

Ethereum price analysisWhat has been going on?

Ethereum had rolled over at resistance around the $178 level toward the end of May 2019.

Litecoin price found support near the $100.00 handle and bounced back sharply.

However, the $112.00 level acted as a strong support.

In addition, stopping Ethereum's growth rate will result in the decomposition of the lower limit of the Bollinger Bands indicator, as well as an exponential moving average with a period of 21 and the closing of the price under the Bollinger Band and below the demand level of $160. There was also a close above the $110.00 level and the 100 simple moving average (4-hours).

Against Bitcoin, we can see ETH has done extremely well holding support at the 0.03 BTC level.

If there is an upside break above the $122.00 level, Litecoin price could accelerate further higher. Beneath this, further strong support is located at $200 and $194.

After an 81% price increase over the past 3 months, Ethereum remains bullish over the medium term. Ethereum has recently turned away from $250 where it faced resistance. Above this, higher resistance is located at $271, $279 and $298. One Litecoin coin can now be bought for about $124.91 or 0.01578715 BTC on exchanges including Bitfinex, Coinroom, BTC-Alpha and Graviex. This Fibonacci Retracement is measured from the July 2018 high to the December 2018 low.

If the bulls climb above $300, further higher resistance then lies at $315, $334 and $349.

The Stochastic RSI now trades in extreme oversold conditions as we wait for a bullish crossover signal above. Furthermore, the RSI is at the 50 levels to indicate indecision within the market. The RSI has recently broken beneath the 50-level to show that sellers are in control of current momentum.

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.