Litecoin edges forward after the crypto market rebounds

Litecoin edges forward after the crypto market rebounds

The cryptocurrency markets recovered for the bearish trend, which followed the major sell-off at the beginning of the week. Major cryptos managed to rebound after significant losses. Analysts hope that the cryptos will continue rising.

It seems the crypto market is rebounding at a rapid pace. Bitcoin rose by 11.69% at $6,603.4, while Ethereum was trading at $143.39, gaining 10.63%. Litecoin also hit high on Friday. Before that, the crypto lowered sharply, trading around $30, until shifting upward and managing to get the momentum that pushed it to $35 at press time.

Litecoin price stood at $34.63 during the first hour of trade yesterday. The crypto edged up to $34.90 in the next 5 hours after that. However, it couldn’t hold on that price for an extended period and fell to $32.53 soon.

The crypto fluctuated during the session. After rising insignificantly to the $33.74, it dropped once again to $32.50. Litecoin soared later with its price improving to $34.53. In the following four hours, the digital currency remained around the $33.15 area, before posting a sharp upward action once more and closing at $35.23 at the end of the day.

How does the Litecoin fare now? 

Litecoin’s price began to increase, reaching the $35.41 area this morning. However, it tumbled down once again shortly. The digital crypto slipped to $34.13. After that, LTC/USD moved forward, rising to the $35.11 area.

According to the MACD indicator for LTC/USD, the dollar has overlapped the Signal pattern and the histogram. That marks the formation of bullish divergence for the cryptocurrency.

Litecoin has also violated its immediate resistance position at $34.29. Analysts stated that the next resistance area, which is set at $34.89, is also affected.

Litecoin is now moving towards some major resistances at $35.65. Experts think that the crypto will clear that resistance level in the next few hours. However, if the trading pair reverses this trend, the crypto’s price may fall again before finding support at $34.

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