The price of LTC resumed its upward trend as it began to reach increasingly high lows and highs. The reading of major charts is positive, but Litecoin has not yet confirmed whether it seeks new all-time highs.
Right now, the cryptocurrency market is trying to regain its upward trend. As Litecoin (LTC) follows the tide, analysts wonder whether the cryptocurrency could soon reach new all-time highs.
Charlie Lee created Litecoin in 2011, based on the code of Bitcoin, but with modifications that make it lighter and a little faster. He worked to present the cryptocurrency as an alternative to Bitcoin rather than a competitor.
LTC is trading at around USD 177 and has accumulated a 2.28% loss in the last 24 hours, according to CoinGecko. The cryptocurrency ranks 17th in the market, preceding Bitcoin Cash (BCH) and Wrapped Bitcoin (WBTC).
A false rumor that Walmart would start accepting payments with Litecoin caused the value of the cryptocurrency to jump by almost 40%. Once the American supermarket chain denied that news, a wave of sales wiped out all the profits at a stroke.
It is Quite Feasible for Litecoin Price to Reach New All-Time Highs
The monthly Litecoin/US dollar chart shows an optimistic scenario as there is long-term momentum developing. That suggests that the price of the altcoin could hit new all-time highs.
After many years of correction, the price of LTC recently resumed its historical upward trend. It began to reach increasingly high lows and highs, breaking through the descending diagonal line.
In the first half of the year, the price challenged the resistance zone left by the all-time high of 2017. However, there was selling pressure at that point shortly after that event.
After having retraced significantly, the price of LTC seems to be returning to its trend. The 8-week exponential moving average (EMA) and 18-week simple moving average (SMA) serve as dynamic supports.
Looking at the weekly frame, the price of Litecoin started to hit increasingly high lows after picking up demand above USD 117.58. If the value of the cryptocurrency maintains support at USD 174.48, it could soon look for new all-time highs.
LTC Must Break Through Resistance at USD 189 to Regain Its Short-Term Trend
Although the reading of the main charts is positive, Litecoin has not yet confirmed whether it seeks to hit new short-term all-time highs. The daily chart indicates that the price is in a sideways range with resistance at USD 189 and support at USD 165.
There is a dominant bullish strength on larger time frames, in addition to a continual formation of increasingly lows and highs. The odds lean towards a breakout over the top, which would make way for a rapid rise to at least USD 232.
Litecoin could be postponing the search for all-time highs as it lost the support level. However, that will not be a too worrying scenario as long as it maintains the primary trend.
By Alexander Salazar