Litecoin Crypto Shows Bullish Strength, Can it Continue to Rise?

• 1 LTC crypto had been in an uptrend structure and has revealed a possible sign of recovery.
• 2 LTC asset is exhibiting bullish strength and the RSI is above 50, implying that it can push further up.

Litecoin (LTC) is a cryptocurrency which is a digital currency. This crypto works on the PoW consensus and its mining works same as bitcoin. It uses blockchain technology like BTC to offer fast, safe and cheap payments.

Around January 2021, this digital currency was widely accepted by more than 2,000 businesses and shops around the world. Moreover, It is the second most popular cryptocurrency after the world famous Bitcoin, thanks to its easy and useful features.

Basically, its main advantage are its efficient speed and affordability. Even its transactions are usually gets verified in a few minutes efficiently, and even transaction fees are very low as well. This makes it a very good option for the people around the globe.

In late 2020, Litecoin launched the MimbleWimble (MW) testnet. Basically this was used to try out security and reliability of MimbleWimble-based private transactions on Litecoin.

The makers of Litecoin are eagerly working on this feature to get it ready on the mainnet. Afterward, its users will also enjoy more privacy and fungibility.

As a cryptocurrency based on blockchain, Litecoin is protected by very strong encryption methods — making it almost impossible to break.

Like Bitcoin and some other cryptocurrencies, Litecoin uses the PoW consensus algorithm to make sure transactions are verified fast and correctly. The combined power of the Litecoin mining network stops double-spends and other types of attacks, while making sure the network is always online.

Will Litecoin Rebound From Current Demand Zone?

Source: by TradingView

The LTC crypto had been in an uptrend structure and has revealed a possible sign of recovery as the price has taken a pause at crucial level of around $72 on the charts

Now, it seems like the Litecoin crypto asset is set for a colossal surge, as it gears up to crack the resistance level and rocket to new peaks from the current support zone. The LTC asset is bullish and has more room to rise as it stays above major trend EMA’s, depending on the buyers’ surge.

The LTC asset is exhibiting bullish strength and the RSI is above 50, implying that the LTC asset is still in a positive territory and can push further up.

The LTC asset is exhibiting bullish strength and can continue to rise higher. It has delivered good results in the previous week, and three months, by 0.24% and 21.83% respectively signifying a solid upward momentum.

The LTC crypto is showing an intraday surge of 0.35% in the last 24 hours, crypto is trading at $72.93.

If the demand for the LTC Token remains high, the asset price could bounce back from the current level. The next goal for the LTC price is to reach $75. However, if the LTC crypto price fails to stay above the $70 level, it could decline further.

Source: by TradingView

Summary

The LTC asset is exhibiting bullish strength and can continue to rise higher. It has delivered good results in the previous week, and three months, by 0.24% and 21.83% respectively, signifying solid upward momentum. Now, it seems like the Litecoin crypto asset is set for a colossal surge, as it gears up to crack the resistance level and rocket to new peaks from the current support zone.

Technical Levels

Support Levels: $70

Resistance Levels: $75

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

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