Litecoin wants sustained upward stress above $130 to focus on its highest value degree since June 2019
Litecoin (LTC) has confronted robust resistance at $130 however may 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 arms round $128, 1.4% down up to now hour however up 3% on the day and 16% over the previous seven days.
Litecoin’s value motion may additionally make or break above the $130 degree relying on what occurs with Bitcoin (BTC). The constructive outlook may strengthen if BTC rallies above $28,000 and breaks the resistance line that has curtailed its dominance index over the previous few days.
In the meantime, LTC costs would possibly dump if bulls fail to take initiative, permitting bears to focus on costs round $95—$93.
Is LTC/USD prepared for an additional leg up?
Litecoin’s current upside power noticed its value double, surging from lows of $70 to inside cents off $140.
The bullish momentum, nevertheless, wasn’t robust 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 day by day chart, bulls want to interrupt above the $130 resistance degree and maintain the momentum in direction of current highs. If the upward motion holds, LTC/USD may breach resistance at $146 to focus on a month-to-month shut above $150, the best value degree since June 2019.
LTC/USD day by day chart. Supply: TradingView
Quite the opposite, if the value falls on account of an altcoin sell-off, an preliminary assist zone is on the 20-EMA ($111) and the psychological degree at $100. Additional declines may see consumers search to defend positive aspects on the most important assist 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 inclined to correlate closely. So, as BTC/USD is poised to cross above $28k once more, Litecoin may gain advantage from the upside wave and put up additional positive aspects. The identical outlook may materialise if the Bitcoin dominance index (BTC.D) breaks greater above 70.
If we have a look at the month-to-month candle chart above, BTC.D is trending in an ascending triangle sample. This implies that there’s potential for the dominance index to interrupt greater, doubtless triggering a massacre for altcoins. Or it may recoil off the resistance and dip as altcoins strengthen.