Pivot Point Resistance at 181.79
The LTC/USD was closed at $3422.99 after placing a high of $3564.31 and a low of $3395.09. After a rapid flash crash, the market was looking for a precise direction to follow on Thursday, as LTC/USD fell.
Prices of Litecoin have just risen to their highest level since mid-May, as the digital currency's network has continued to benefit from increased activity. The cryptocurrency, created as a hard fork of its digital twin bitcoin, has essential distinctions, including block time and tokenomics.
Over the previous few months, the foundations of the Litecoin network have improved as the number of transactions per second, active addresses, and new addresses have increased. Furthermore, the network's increased hash rate over the last several months has driven its pricing upward. On Thursday, the LTC network's hash rate nearly doubled, from 170 terahashes in late June to 321.8 terahashes.
Litecoin and Bitcoin are linked since they are both based on the same hard fork, and the prices of bitcoin tend to correspond with the prices of Litecoin. LTC and BTC have a strong link in that if one is regarded digital gold, the other is considered digital silver.
Bitcoin prices have been climbing for a few weeks and have surpassed $51,000 due to greater cryptocurrency usage. The world's most popular digital currency was pricing El Salvador's recent decision to make BTC legal tender, as well as a slew of other favourable announcements from VISA and AMAZON, which pushed BTC/USD rates higher.
In terms of price swings, investors' reactions are usually comparable to Litecoin's, and the current price rise this week could be attributable to BTC rising above the $51,000 threshold.
LTC/USD Intraday Technical Levels
Pivot Point: 181.933
LTC/USD - Technical Outlook
On Friday, the LTC/USD is trading with a bearish bias at the 180.250 level. The pair faces immediate resistance at 181.70 level, and closing of candles below this level supports selling bias in the pair. On the lower side, the LTC/USD pair is exposed towards the next support level of 175, and the breakout of this level exposes the pair towards the 169 level.
On the resistance side, the pair's immediate resistance stays at 181.700, and a bullish crossover exposes the pair towards 187 levels. It also marks the double top pattern at 187, making it hard for bulls to crossover this level. Thus, Litecoin's trading bias remains bearish below the 181.70 level and vice versa. All the best!
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