CryptocurrencyPrice Analysis

Litecoin (LTC/USD) Approaches a Vital Level – What’s Next?

Litecoin claimed its record high on 10 May when it traded at $412. However, the alt struggled since then, hitting the lows at $104 on 21 July. Meanwhile, the token has recorded upside moves after securing support near $140 towards the end of September. LTC/USD surged to $183 from $143 in six days. While writing this content, LTC hovers at $185.

Also, the overall crypto market recorded considerable surges in the past seven days. Bitcoin and the leading alt, Ethereum, moved towards their ATH as others such as Axie Infinity claimed record peaks. Can Litecoin take advantage of the bullish case in the crypto space to ride higher highs?

LTC/USD Daily Chart

According to the daily price chart, LTC/USD trades on a bullish attitude, though encountering a massive resistance around $187. Yesterday, Litecoin formed a long bullish bar, confirming an upcoming upside trend. The altcoin reached its highest level at $182 before closing lower.

Meanwhile, it might not be the time to invest in this crypto at the moment. That is because the bullish bar stays under resistance. The resistance at $187 remains crucial since it had challenged the altcoin before. With that, it is ideal to wait if Litecoin will overpower the obstacle before entering buy trades.

US Bank Adoption Boosted LTC /USD

Litecoin seemed to witness light after the US declared introducing cryptocurrency custody services for institutional customers. That came after the bank’s survey revealed increased crypto interest by its followers.

The US Bank stated that it would start with BTC custody services before including other coins, including Ethereum, Litecoin, and Bitcoin Cash. The news appeared to boost the three altcoins as investors await higher prices.

Trading idea

For now, analysts believe LTC will retain a bullish outlook as far as near-term actions are concerned. The formation of a bullish pin bar under the resistance plus upswing confluence indicates that the coin will rise in the following few sessions. However, it is advisable to remain patient for LTC to overpower the resistance before leveraging trading opportunities.

If LTC /USD overcomes the resistance, enthusiasts can set their profit targets at $195, $210, and $230. Though the altcoin might retrace to secure another support, technical and fundamental analysis promises bullish actions in the few days to come.

Enjoy your trading activities.

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