LTC/USD sustains gains within a rising channel, jumps above $60

Fibo Quantum

  • Litecoin price still has room for growth owing to the fact that the RSI is not overbought.
  • Litecoin and Bitcoin will in time rise to be the better form of money according to Charlie Lee.

Litecoin is among the cryptocurrencies struggling to sustain the gains accrued during the Asian session on Wednesday. The price zoomed past the $60 resistance towards the end of the Asian session on Tuesday. However, the momentum to the north stalled at $62.32. LTC has since adjusted to an intraday value of $61 amid a building bullish momentum as well as growing volatility levels.

Litecoin founder Charlie Lee believes crypto “is a better form of money

In a recent interview, Charlie Lee, the brains behind the creation of Litecoin said “we’re all in together, to be a better form of money that the US dollar or any other fiat currencies out there.” He said that he thinks crypto “ is a better form of money” but added that it might take a while to realize it. He added:

Consider Litecoin and Bitcoin today, the important thing is that you’re able to transfer value. We fought a central party and no one can censor crypto transactions today. And that’s like the key thing, right? You can send like money over the Litecoin network without requiring a central party to help you do that.

Litecoin price analysis

Litecoin’s retracement from the earlier January surge from highs slightly under $64, embraced support at $50. Recovery from the ‘crypt’ has since sustained an uptrend within a rising channel. The channel support and resistance have been tested severally but the walls have not been breached. Litecoin bulls are focused on breaking resistance at $64 and pushing above $70.

For now, the RSI is hovering just below the overbought region. The fact that the RSI is not oversold, means that Litecoin has a lot of room for growth. If the price fails to rise above the $64 level, a downward correction is likely to occur. However, various support levels are likely to come in handy, including the $60 level, the accelerated trendline (dotted), the channel support, the 100 SMA and the key support area at $50.

LTC/USD 1-hour chart