Litecoin Still Range-bound as Bitcoin Retests Highs


Alternative cryptocurrency Litecoin is still trading range-bound. The altcoin is trading basically unchanged since our LTC update last week, still quoted at $3.02 dollars per coin. Meanwhile bitcoin continued to roar ahead, breaking new highs.

Bitcoin Hits $288.90 on FxOpen

In the past seven days bitcoin managed to break the $270 resistance figure and head higher. Prices hit a new high of $288.90 two days ago, very close to the $290 weak resistance. This caused another sharp retracement down to $274 dollars per coin but the lows didn’t last long. Bitcoin is currently quoted at $285.24, very close to the Sunday highs.


The rally is still in full force. A break above the $290 dollars resistance may lead to some gains but soon after we find the $300 round figure, a major resistance level. Because bitcoin prices differ, it’s probably a good idea to watch other bitcoin exchanges as well. Fxopen usually trades at a small $2-$3 premium to other USD exchanges. When prices peaked at $288.90, other USD exchanges hit highs near $298/$299 dollars per coin. We may get a reaction on Fxopen once these exchanges trade around $300 dollars

A decisive breakout above the $300 round figure may intensify the gains. Higher up we find another resistance at the $310 July high, followed by this year’s high  for BTC at $318 dollars per coin.

On the downside, some support can be found at the $270 resistance level. A break below the $256 swing low may end the current rally but right after we find a strong support at $250 dollars. A major level for bitcoin, $250 was the starting point for the previous June/July rally, the subsequent August decline and the latest October breakout. With prices now trading above this level, it’s likely that it will act as support once again.

Litecoin Still Stuck in a Range

Litecoin is still stuck in a range. In the past week LTC/USD traded between a high of $3.08 and a low of $2.9610 but ultimately we settled at $3.0273, only $0.0003 above the $3.0270 price noted in our update. The range is increasingly getting narrower, as we can see on the chart below.


The figure to beat on the upside stands at $3.19 dollars per coin, right above the key resistance. Here we have a former swing high at $3.1799 and a previous swing low at $3.1840. A clean breakout higher may jump-start a new LTC rally.

On the downside a decisive breakdown below the $2.91 swing low may lead to a downtrend in prices. Below here some support can be found at $2.70, followed by the four-month low for Litecoin at $2.50 dollars. Lower still, the January swing high at $2.40 may act as support, followed by a strong support area near $2-$2.05 dollars per coin.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P 500 Index, US Dollar, FTSE 100 Index, Gold Price

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • S&P 500

European Stock Indices Decline Amid Political Uncertainty

Today, the Eurostoxx 50 index (Europe 50 on FXOpen) has dropped below the early May minimum, reflecting escalating market concerns over the upcoming French elections, as reported by Reuters. Finance Minister Bruno Le Maire's acknowledgment that the current political crisis

Forex Analysis

NZD/USD Exchange Rate Falls from Nearly 5-Month High

The NZD/USD exchange rate has dropped from its highest level in nearly five months. On Wednesday, following the release of US inflation data, the NZD/USD rate exceeded 0.6220 for the first time since 15 January 2024.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.