Litecoin continuing its rise towards $100

Litecoin continuing its rise towards $100

Litecoin managed to ride a small bullish wave in the last hour or so, and is continuing its rise towards the $100 resistance, but the $76 support is still looking to be an apparent reality, this could render our yesterday’s Litecoin price analysis obsolete, but nothing is yet certain. "Litecoin continuing its rise towards $100"

Litecoin continuing its rise towards $100

In fact, most altcoins managed to ride the small bullish wave including Bitcoin, which in some manner puts the BTC market dominance into question, but still, it’s unlikely that this surge is what we’ve been waiting for. Within just an hour, LTC managed to gain as much as 5% in its valuation, but still can’t compare to altcoins like EOS, which is nearing a 10% increase.

Is this the halving hype? If it was only Litecoin that managed to surge so quickly among all the other altcoins, then the whole market would be screaming about the halving hype. However, it’s a fact that all of the markets are on the move, which simply pushed LTC a little bit towards its former glory. As already mentioned, the $76 support level still remains as the Centrepoint of our Litecoin price analysis for today, meaning that the market is split 50/50 at the moment. It’s likely that the bullish wave will continue for the rest of the day, only dying down after the European trading session ends, but giving the US session the opportunity to bring it back up.

Litecoin LTC has decided to play it safe after an unsuccessful attack on $105 resistance. The price declines from July 10 explored the levels under $100. A low resistance was formed at $77.50 before the bears started to retreat as reported by FXStreet.

The LTC bounce from the support level last week stepped above the moving averages initially before struggling with the resistance at $95. The first assault at $100 rise tested $105 but failed to make further movement north. LTC/USD pair corrected to the support at $95 before relaunching another attack on $105.

At the present time, LTC upside has been capped at $100 with the trend have a bearish momentum. The failure to sustain the Litecoin gains above $100 has demoralized the bulls who are likely to retreat to create fresh demand at a lower level probably around $95.

The technical analysis is slightly negative as well with the slow stochastic oscillator pointing downwards from at 40 from highs around 75. The Moving Average Convergence Divergence (MACD) is moving sideways along the mean line as an indicator for ranging trend in the coming sessions. Therefore, we can predict Litecoin to consolidate between $95 and $100 in the coming sessions before the next assault at $105 hurdle.

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