Litecoin Shoots Up 7% On The Day As BTC Moves To $9K

Litecoin shoots up 7% on the day after the monthly resistance ended and the future looks great for the crypto bulls. Against Bitcoin, the price of LTC continued to go into a bearish sentiment on the short-term perspective as we are seeing in our Litecoin news today.

If a rebound in price fails to the 0.005576 BTC support level, Litecoin could roll back to the March low. Most of the cryptocurrencies created a fresh monthly high and Litecoin shoots up 7% and is clean to find a crossover. The price is trading at key resistance $47.68 after seeing a surge over the past 24-hours. Litecoin could start facing issues at the monthly resistance but the future looks promising for the buyers if the price continues breaking through.

As we can see on the 4-hour charts, the $39 LTC price resistance set up the boundary of the channel following a sharp rebound from the latest support of $39.6 back on April 20. Once Litecoin overcomes the current resistance, the price is expected to rally more. However, Litecoin could pullback to the support of the channel if the resistance continues to pose a threat to the bulls. A clear cross above the yellow resistance of $47 should confirm a strong buying pressure to the next yellow resistance of %51.

Above the $51 resistance level, the support for LTC is located at $55 around the upper boundary of the channel. If the price continues to struggle within this resistance level, Litecoin could look for more support around the $45 level. If this support fails to provide a rebound level, the price could go to $43 which is the weekly low. The next support after this can be seen at the blue demand area of $39 which is right below the channel.

Against Bitcoin, LTC continued its downtrend after losing momentum back in February which led to a huge market crash in March. The price is still trading in a near key support level of 0.005575 BTC at the moment. At this support, Litecoin will likely recover if the bulls start acting within this level. If not, the price could drop more in the hands of the bears. In the meantime, the ongoing bearish sentiment is much more representing the white regression line which is forming since February 27 and a break above this level could start a bullish action in the market.