Litecoin’s Market Is Bullish As LTC Jumps Above $43

Litecoin’s market is bullish as per the charts and the digital asset is increasing after a few days of staying in the negative region. A few hours later, the Litecoin price was having a hard time moving past the $40 price level and some analysts believe that LTC could experience further lows as we are reading in the Litecoin news below.

A few hours later, the reverse case for Litecoin shows that the price didn’t decline further after finding the support at the $40 price level which could see an intraday high above this level. Litecoin’s intraday high stands at $43 and this level presents a strong recovery possibility for LTC. The Litecoin price retraced to the area but despite the retreat, it still remains 9 percent higher than it was a day ago.
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The bulls still have control and the asset now has an overall market cap of $2.7 billion. The 24-hour trading volume of the $4.6 billion and on the charts we can see a Hammer dependable on the bullish indicator. The price of the coin increased from this signal and the movement entered a horizontal pattern. LTC could remain at this point for quite some time.

The LTC followed the entire digital asset market into recovery and the price of the coin is looking at the bear flag retest. The bulls took back control but they haven’t completely changed the possibilities of Litecoin. This possibility cannot be ruled out for LTC because it was trading in a positive area after gaining 7 percent during the trading session on Wednesday. The bears came back a few hours later as the high rate of volatility reached the market. The LTC/USD trading pair gained an explosive buying rate at the $38 area which later retracted and found support at $40. At this point, analysts are speculating of the outcome and the next movement of the asset.

Litecoin’s market remains bullish and the price aims to reach new highs for the week following a jump upwards. Whether this momentum will take the price higher, we shall wait and find out. however, the high volatility rate for the asset is still here and we need to understand that every outcome is possible.