Litecoin: Momentum on its back
|- LTC largest gainer of the day, breaks out on the long term.
- Has enough room on the upside to carry on.
Litecoin is outlier in a light weekend trading day where it is biggest gainer of the day, carrying on to the gains of Friday when all the other major coins rallied led by Bitcoin. However LTC has all going right for the bulls as the rally on Friday resulted in the coin breaking out of a key trendline.
LTC/USD is up nearly six percent on day at $45.67 with higher volumes, while volatility is still low - good sign for the bulls to carry on to Friday's gains when LTC broke out of a key descending trendline resistance and now momentum is in the favour of the bulls along with volumes.
While, there are no doubts about this breakout as the price has crossed past the confirmation mark of $42, it still has some resistances around - $47.58 in the form of 200 days SMA - a key resistance to cross past and send the message loud and clear about its rally. Next ones are $51.61 - 200 days EMA and $56 - earlier lower high.
LTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.