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Litecoin price analysis: LTC/USD jumped 12% within a couple of hours

  • LTC/USD tests waters above $250.00 resistance
  • Retracement will be limited by $230.00 support

Litecoin price movement looks impressive on the short-term timeframes. The coin jumped nearly 12% and touched the five-week highs as the upside momentum is gaining pace.

While there is no obvious fundamental reason for the spike, the movement might have been triggered by a combination of Litecoin Cash fork outcome, much-touted LitePay launch and a bunch of technical factors that contributed to the Litecoin stellar rise.

From the technical point of view, LTC/USD is about to break above $250.00, with the next resistance coming at $283.00 (23.6% Fibonacci from the long-term upside move). If it is broken, the sky is the limit for Litecoin. On the downside, the retracement, once the profit taking starts, is likely to stop at $230.00 support level. The sentiment remains bullish as long as the coin stays above the said support level.

LTC/USD, 15-min chart

LTC/USD, daily chart