Litecoin Price Analysis: LTC/USD Takes Lead in Gain

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Litecoin price in a matter of minutes gained momentum and bounced upwards attempting to close above the important $300.00. However, as it did before, the level is quite a tank-ish one!

Important to Note:

  • After dipping to the lows of $225.00 – Litecoin price managed to break the resistance at $245.00 which event hoisted the value up as it is trading now around $300.00
  • On the monthly-long chart, a range bound between $300.00 and $210.00 is being formed as the pair LTC/USD could not top its previous high with the increase it experienced today.
  • Charlie Lee is considering a Soft Fork for Litecoin.

Litecoin – LTC/USD

The first day of the weekend started best for Litecoin – The Silver Coin out of the cryptos that are leading in the list ranked by market capitalization. After descending to the levels $220.00, Litecoin price followed up with a speedy increase as buyers stepped in to use the opportunity of a lower price.

litecoin price analysis

Source: coinmarketcap

On the hourly chart of the pair LTC against US Dollar, since the ‘market coin selling’ that took place yesterday, a supportive trend line is being formed with a trading platform around the $260.00 level for the very near term which will be the next stop if Litecoin price declines lower than the $280.00 support. Even that right now the coin value is pulling back as it met offers above the $300.00, confidence should stay high in the cryptocurrency as its previous record mark was around the last mentioned level so it will be a tanky fence to overcome until Litecoin price closes successfully above.

litecoin forecast

The price jump could have been impacted by the announcement that Litecoin creator did – Charlie Lee, as he is considering a SF [Soft Fork] for the blockchain. The fork will presumably permit miners to signal their minimum accepted fee in the block header.