Litecoin: Big spike, can it last?

LTC gains the most for the day among major cryptos.
More gains may not come through, barriers ahead.

Manoj B Rawal Independent Analyst

Litecoin gains the most among major cryptos as it finds support on the long term after all the cryptos have been battered hard in the last few weeks that saw prices collapsing more than 50 percent for almost all the major coins.

LTC/USD is up more than 10 percent on day at $26.19, near high point of the day and trading in more than 11 percent range for the day - surprisingly high volume and higher volaility in a weekend trading.

On the daily chart of the crypto, it has rallied exactly from the long term trendline support that has helped prices stabilise and rally in the past, just like today. Also, on the 720-minute chart, it is stuck in a downward sloping parallel channel and the price has reached just around upper end of the channel. Unless bulls gain some more momentum, it may taper off and fall back soon.

LTC/USD daily chart:

LTC/USD 720-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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