- The Litecoin Foundation struck a partnership deal with the Miami Dolphins.
- The ascending trendline is key to price rebounds towards $100.
Litecoin gained incredibly yesterday following the drop to recent support at $77.50. After the 15% correction in a single day, LTC/USD hit a high around $94.86 before the trend gave way for a retracement touching $87.18 during the Asian trading hours on Thursday.
The impressive move saw LTC/USD rise above its peers amid heightened bear pressure across the market. The week has been a rollercoaster ride for Litecoin to say the least. The up and down movements come after the Litecoin Foundation struck a partnership deal with the Miami Dolphins in which the football club will receive payments in LTC for the 50/50 raffle. In spite of the positive news, Litecoin was caught up in the market declines mainly driven by Bitcoin.
Litecoin price technical picture
The short-term timeframe shows Litecoin having a bullish inclination even though the upside is capped at $95.00. Besides, the price is trading above the moving averages as an indicator for a growing momentum. Other technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are trending sideways signaling impeding sideways trading.
Immediate support comes from the 50 Simple Moving Average (SMA) currently at $91.12. The ascending trendline is key to price rebounds towards $100 while $90.00 and $77.50 are key support areas to look out for.