Litecoin Price Analysis: LTC/USD Rockets to Highest Level in Five Months as Major Upgrade Released
- LTC/USD bulls produce gains of around 35%, running at three consecutive sessions in the green.
- The Litecoin Foundation releases a major upgrade for its users, Litecoin Core 0.17.1.
LTC/USD: Recent Price Behavior
The Litecoin price has been enjoying a chunky rally to the north of late, gaining over the past three consecutive sessions. The LTC/USD bulls have pushed the price to its highest level since October 2018. A significant breakdown of a key supply area was observed in the session on Thursday. It was seen tracking from $54-$56 price range. Litecoin had recently faltered here on 24th February, when the price was forced to drop a significant 20%.
Before this, LTC/USD was firmly knocked back on 7th November 2018, entering a very steep bear market after failing to break down this noted area. During the noted decline, the price lost a large 60%, dropping to $22.90, which was the low print for 2018. The fact that the price has finally managed to push north of this death sentencing zone is a significant technical development. A daily closure above would be even more encouraging for further buying pressure.
Major Upgrade from Litecoin
The Litecoin development team recently completed an upgrade, seeing the release of the Litecoin Core 0.17.1 candidate. They noted that this release “is a new major version release, including new features, various bug fixes, performance improvements and updated translations.”
According to the official Litecoin announcement, the team recommended that power users upgrade to this new version. Upon the completion of sufficient testing, Litecoin Core 0.17.1 final will be released and recommended for all users to upgrade.
Technical Review – LTC/USD
Given the current upside momentum behind the bulls, eyes must now be on the next significant potential barriers for the price. Firstly, the high area observed in September 2018 will be of interest to the bulls. The noted zone is where sellers are observed, which tracks from $68-$64 price range. LTC/USD was knocked back south from this zone at the start and end of September 2018.
Further to the north, $77-$74 is the next target. This area was a prior acting demand zone between June-August 2018, before the bears finally managed to force a breach. Lastly, the high print in July 2018 ($90-$95) would then be another attractive target range. There are just three major zones that appear to be in the way of a return to the big psychological $100 mark.
In terms of support, the former acting supply zone should now act as comfort, $56-$54. Should this fail to hold, then the bears could very quickly force a reversal of the latest bull run. Given how fast the price rallied, it does make it vulnerable to a harder selloff. To conclude, LTC/USD is most certainly on the firm path to recovery, having gained around 160% from the bottom in December.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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