The lateral movement of Bitcoin prices and many cryptocurrencies has generated some stability in the cryptographic market, with a slightly stable volume at levels of $ 286 billion dollars and a BTC dominating the scene with 56.8 percent.
This has generated as a consequence that the bullfight is stagnant and that the whales are looking for funding in the typical altcoins used for this purpose as is the case of Litecoin, the silver crypto currency of Charlie Lee. Already on previous occasions this altcoin has been used to obtain sufficient funds with which to pump the price of BTC to higher levels and this strategy has actually worked so far, which historically we can review it.
As expected, Litecoin presents solid profits in the last 24 hours while a large part of the market goes backwards. LTC is quoted at the spot price of $ 137.67 per unit and a yield of 2.91% with a MarketCap higher than the $ 8.57 billion that places it in box 4 of the general ranking of cryptocurrencies, according to CoinMarketCap.com.
Its internal ecosystem is dominated by the CoinEgg exchange with its LTC \ USDT, LTC \ BTC and LTC \ ETH pairs, contributing 24% of LTC's market share with its listed peers.
In the short term, LTC presents in Binance's 1H chart a strong, very clear green flag, with bullish direction projected at R1 levels of $ 142.5 and key support at 30-day EMA levels in the $ 132 price band. . Its strong support zone remains at the inflection points of the Elliot waves between the levels given by the 'X-X' points in the price zone between $ 127- $ 130.
The Aroon indicator turns bullish, with a slight change to the south but its bearish indicator still remains at the bottom of the chart.
The CMF indicator shows the large influx of capital flow into the LTC ecosystem, after profits were withdrawn as a result of the maximum reached on the 12th of this month, and the return of investors who bet on a higher price for the cryptocurrency, intoxicated by the bullish moment that announces bitcoin to the ecosystem in general.
In the medium term, Litecoin has begun to chart a strong bullish trajectory, as a natural process of maturation and consolidation of prices for higher minimums. Its price has moved between levels of $ 75.70 at the beginning of May 2019 to highs of $ 149 recently, after going through corrective waves that have taken it to levels of $ 138 last week.
Its key support lies at the levels of S1 @ $ 75 and its maximum immediate resistance is projected at levels close to $ 148.
Awesome Oscilator shows totally bullish strong green histograms in a positive direction.
RSI is strong and has levels of 70, limit of the overbought zone with an upward slope that indicates that LTC is close to reaching levels higher than the two dollar units as demand increases.
Parabolic SAR becomes bullish with strong drawings below the litecoin candle chart.
In conclusion, the cryptocurrency of Charlie Lee fight again to reach the band of $ 150 in the short term and everything seems to indicate that he will not have problems in achieving it, more with the optimistic impulse of the ecosystem and the good news that his mentor has had to be the First guest of Justin Sun for dinner with Warren Buffet, we may see LTC take off again as it has done in the past two months.