In a cryptocurrency world, Litcoin is one of the most significant currency in the crypto-sphere which is ranked among top 10th positions. Due to its lightweight, it is technically faster, cheaper and identical in all aspect to BTC. According to market capitalization, Litecoin is the 7th largest cryptocurrency which is traded at almost all exchanges around the world.
As the market price of LTC surges up gradually at $60 price mark, due to sudden price momentum, Bitcoin market activity was affected and raised to $6,800 as followed by Litcoin.
During a span of 1-hour, Bitcoin is gradually moving with steady momentum in between $6,200 to $6,580 in market charts. Also on BTC’s 1-hour chart, BTC 20-Period WMA is at $6630.However, Bitcoin’s MACD is building momentum for a bullish run.
Market Plots of 4-hours BTC shows four resistances during the last bear trend:$7,370,7000,$6900, and $6700. BTC’s stochastic indicator indicates that Bitcoin is overbought and we may see a bull trend very soon. Moreover, Market plots of BTC’s show a symmetrical triangle.
If somehow Bitcoin does not breach the symmetrical triangle-out of(E) it will straight away affect the prices of Litecoin that may help to break out the LTC uptrend.
As per the technical analysis, Bitcoin is expecting an uptrend in upcoming days. Apart from that, overall breakout resistances has been marked at $6800,$7000, and $7300.
LTC has almost attained the resistance level of 66, but sudden sharp dip dragged down the whole price to the significant support at 57, 76.4percent Fibonacci retracement and 100 percent Fibonacci extension. But there is a possibility that it may breach the level.
A bearish divergence and approaching resistance is expected by the Stochastic(55,53) where reaction below this level may lead to a severe drop in prices. Even though, a breakout on Bitcoin may severely impact the Litcoin.
Aside from price predictions, many crypto analysts are confident enough that it may breach a price level of $500. To conclude, there is an uptrend in the market and expected bullish sentiment would stay long with Bitcoin and Litcoin. This will make these coins to jump more than their current price.