LTC Price Analysis: LTC/USD Re-Attempts Breaking $50 in Anticipation of Litecoin Codebase Integration for Added Privacy

Litecoin is attempting to push higher on this week’s cryptocurrency market amid Bitcoin’s continuing impressive upward breakout. The crypto highlights the day after progressing from an initial value of $47.43 to an intraday high of $48.50, rising 2.5 percent gain. The price action of Litecoin continues to maintain the traction of the broader crypto market with an increased volume of approx. $4,903,025,353 thus reporting a market cap of approx. $3,119,248,278. LTC/USD is trading at $47.79 at the time of writing, in an attempt to break through $50. Litecoin is progressing into enhanced privacy as the project improved on MimbleWimble (MW) integration with Litecoin Codebase, which is expected to improve the anonymity of Litecoin transactions.

*LTC/USD is trading at $47.79 at the time of writing, in an attempt to break through $50
*The crypto highlights the day after progressing from an initial value of $47.43 to an intraday high of $48.50, rising 2.5 percent gain
*Litecoin is progressing into enhanced privacy as the project improved on MimbleWimble (MW) integration with Litecoin Codebase

Key Levels
Resistance Levels: $64.00, $55.50, $50.00
Support Levels: $45.00, $37.17, $35.00

LTC/USD Daily Chart: Ranging

LTC/USD Daily Chart

At $47.79, LTC/USD is increasing in value with modest gains both daily and from the days start. The seventh-largest cryptocurrency shifted in line with expectations and bounced from the $44.47 low of Wednesday. Furthermore, the resistance area may restrict the further upside at $50 and the next barrier established by the MA 50. From the last weekend, the MA 50 prevented the upside and established its position as a heavy resistance.

The bullish momentum is likely to persist, depending on the upside movement of the RSI from levels near to the mid-range. The ascending trendline reinforces the same bullish trend. Albeit the pattern is now in the ranging area, upward momentum had also ebbed and flowed toward $50 while the MA 50 and MA 200 may converge to drive up prices. In other terms, in upcoming sessions, Litecoin is positioned to test the resistance threshold at $50.

LTC/USD 4-Hour Chart: Ranging

LTC/USD 4-Hour Chart

Short-term technical analysis already suggests that once the $50.00 level is violated, the LTC/USD pair may rebound against the $51.00 range. Towards the downward, a prolonged collapse of strength underneath the support level of $45.00 may cause LTC/USD investors to switch bearish and approach $37.17. Moreover, as the cryptocurrency market proceeds to trend higher along with Bitcoin, Litecoin may have a huge chance of making additional gains this week.

The LTC/USD pair will only be bullish whilst exchanging beyond the $45.00 mark, the main barrier is at the $50.00 mark. When the LTC/USD pair is exchanging under the $45.00, sellers may test the support levels of $41.43 and $37.17. Besides, the cryptocurrency registered increases of about 2.5 percent in the last 24 hours at $47.76 at the time of writing, while RSI’s signal line (14) renders a radical change into the positive side.

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