The LTC price experienced gains greater than 6.5% today. The price climbed from the low of $1.65 to reach above $1.75 as the 24hr chart reveals. Higher levels are to be reached if the bullish outbreak continues.
As usual, the patterns noticeable in the LTC price charts are similar to the ones we see in the BTC/USD ones. As the BTC market ‘welcomed the bulls‘ yesterday, LTC/USD jumped on the upward wagon as well. Buying pressure finally seems to be overwhelming the previous bearish mood of the market.
Bullish overturn in LTC Price
As the latest movements indicate, the LTC price is potentially on the rise. Any downward price swings were welcomed with counter positive ones. And as the bitcoin market is in a similar situation at the time of the movement, it’s very likely that litecoin will keep rising. The current environment seems ideal for bulls to carry the price back to the $2 levels.
Taking a closer look at the LTC/USD chart from Btc-e, a correction is visible after today’s rise. However, this correction was met with a counter surge likely caused by today’s bulls. Even right now, the LTC/USD seems to be experiencing the buying pressure of the bulls while it’s still rising.
The way back to $2
BTC/USD reached $226 today. The pattern in bitcoin’s latest charts doesn’t indicate that upcoming movements will be negative. If market activity keeps up like that, litecoin can surely rise back to $2. That’s actually highly dependent on how the market is going to react to the recent positive movements. Nevertheless, the LTC price is as always firmly connected. Litecoin keeps rising as long as bitcoin does, and BTC/USD seems to be driven by the bulls at the moment.
Charts from Btc-e.