Upward Trend of Litecoin (LTC) Still Intact As Bitcoin (BTC) Recovers over the $8k Mark

The value of Bitcoin (BTC) – the largest digital currency in the world by market cap – has a significant effect on the values of most digital currencies in the market. When the value of Bitcoin (BTC) surges higher, most digital currencies tend to follow suit, and when it plunges down, the same trend occurs.

A few days ago, the SEC rejected a Bitcoin ETF application that was filed by the Winklevoss brothers, and this caused the value of Bitcoin to drop below the $8k mark. Litecoin (LTC), as well as other digital currencies in the market, lost a fraction of their values, but BTC is now back on its feet and other coins are right behind it.

Litecoin (LTC) Price Today – LTC / USD

At the time of writing, Litecoin (LTC) is trading at $84.3 after an increase of about 1 percent over the past twenty-four hours. The current market cap of LTC is $4.85 billion and its trading volume over the past twenty-four hours is $437.68 million.

Litecoin (LTC) Price Analysis

Litecoin broke beneath a near-term symmetrical triangle pattern to indicate that a sell-off is about to occur. Nevertheless, the support line of the digital currency is presently holding the coin and preventing further declines. Also, if the bulls defend further declines close to the $82 and $83 support level, losses could be limited.

Furthermore, the 100 simple moving average is over the longer-term 200 simple moving average to indicate that the path of least resistance is currently heading north. This means that bullish momentum could set in soon to resume the upward trend.

If this happens, the digital currency could find its way back to the top of the triangle close to the $95 and $96 marks. The immediate resistance of the coin is at the $87 mark, if the digital currency breaks over this level, it could open the door for more gains towards the next resistance at the $95 mark.