Litecoin price data analysis shows that the LTC price is set to regain momentum towards one hundred and forty dollars ($140) mark.
At the time when Bitcoin is touching the highest level of decentralized digital currency among all the altcoins, Litecoin paved its way through its technical and fundamental reasons.
Wiess Rating Boost
Weiss ratings have come to emerge as a prestigious name hailing from the United States. The recent Litecoin price surge is also a result of an “excellent” grade from Weiss. The brave new attempts at adoption and investment rewards are the factors that drove the Weiss rating for Litecoin.
Litecoin outperformed the competition EOS and Bitcoin Cash (BCH) claiming the fourth position on the charts after the top three. While Litecoin prices are keeping steady through a faster confirmation time on transactions the charts speak for a bullish run as well.
Yesterday the Litecoin price touched the support in the area of one hundred and twelve dollars ($112) and started to recover afterward. In the evening, the recovery continued, and buyers tested the resistance of one hundred and twenty dollars ($120) in the end.
Now the LTC/USD pair is consolidating near one hundred and twenty dollars ($120) and is likely to test the four-hour EMA55 before the end of the day.
However, if the Litecoin price fails to break past resistance levels and the pair will decrease. In such a scenario LTC price is likely to roll back to the one hundred and fifteen dollars ($115) zone.
While looking at the daily chart, one find Litecoin price trend looking less volatile, however, still in the bullish zones, the trend that originated at the end of April. The current scenario confirms further growth, which might sustain until the end of the summer.
Particularly, when the relative strength index (RSI) is found in the neutral zone in the past, the quotes tend to move higher. Currently, the Litecoin price signals show all the chances to repeat such a scenario. If it happens, one may expect LTC price at one hundred and fifty dollars ($150) until the end of summer 2019.
Litecoin is currently trading at one hundred and seventeen dollars ($117.89) at the time of publishing.