PrimeXBT has investigated the markets and found some relevant data about LTC/USD that we would like to share with you.
Litecoin bulls could push the digital asset towards the upper boundary of the small ascending channel, with a breakthrough the resistance line of the falling wedge being a historically bullish reversal formation. Also, the price hit its main resistance level of $52, but it needs some further time to close above it.
On the other hand, a break below the $48 support level could provoke an even deeper decline towards the $40-36 support zone.
Major crypto assets such as Litecoin, Ethereum, Ripple, EOS were long overdue to see some relief rallies or recovery from their low support levels. Whether the recent upside movement of the crypto market is the start of a proper "Altseason" or merely a strong reaction to testing low supports still remains to be seen.
Historical data indicates that it is too early to determine that an "Altseason" is beginning, and with most assets being down so significantly against their BTC trading pairs, it is difficult to consider whether their recent upsurge was large enough to position the market for a potential rally.
Resistance Target Zones: $62.2 - 64.4, 78 - 80
Support Levels: $50, 48, 43.8, 38, 36
Market Cap: $2 974 833 840 USD
Volume (24h): $3 629 057 746 USD
Circulating Supply: 63 807 394 LTC
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