Possible fork of Litecoin pushes the price of the cryptocurrency up. How high can she climb?

Possible fork of Litecoin pushes the price of the cryptocurrency up. How high can she climb?

A group of developers have announced their intention to forgot Litecoin (LTC) and analysts agree that this is the main reason why the cryptocurrency grows in value.

According to CoinMarketCap, the current price of bitcoin is around 216 dollars, which is the maximum value in the last month. Overall, LTC grew by 29 percent over the past 36 hours, exceeding 100 percent from the lows recorded 6 February at 106,94 dollar. And litecoin’s market capitalization rose above $ 10 billion for the first time since January 29.

The main reason why the price of LTC increases are rumours that fork, which will be a new crypto currency called “Litecoin Cash”, which the developers promise that all holders of Litecoin which at the time of occurrence of blocks 1,371,111 will be on the balance of the LTC will receive tokens of the new currency at a ratio of 1:10.

However, the founder of Litecoin, Charlie Lee and a large part of the litecoin community oppose the project and consider it fraudulent, which aims to confuse users.

Recall that Charlie Lee was and is an ardent opponent of another famous fork of Bitcoin Cash.

Despite this, technical analysis of prices speaks in favor of the bullish scenario.

Chart prices on Litecoin

The price of LTC has broken through the resistance line of the upward trend on the background of sharply increased volumes. Such a sharp increase in the volume speaks in favor further growth of prices.

  • 5 day MA and 10 day MA is also spoken in favour of the bulls.
  • The RSI above 50.00 (into bullish territory) and on the rise, indicating a further increase in the price of LTC.
  • Meanwhile the 50-day MA is still looking down, and it shows a bearish trend.

Summary

Today’s closing (UTC) above the resistance level of the downtrend will talk a possible increase to $ 300.

The RSI on the 1-hour and 4-hour charts is in overbought zone, so there can be some retracement. However, it will be short-lived, as the overall advantage is on the side of the bulls.

Only a daily closing (UTC) below $142,26 (11 Feb low) would signal a failure of the bullish scenario.

Let's Disqus