Litecoin: Breakout, steep rally, pause
- LTC breaks out on the long term chart.
- Rallies the most this week among other majors.
Litecoin rallies the most this week among the major cryptocurrencies, after breaking out of a stiff resistance trendline and is now in a pause and consolidation mode which is a healthy sign if the bulls have to build up on the recent gains.
LTC/USD down more than 2 percent on day at $86.72, not far from day's low and trading in about 5 percent range for the day. On the 12-hour chart of LTC, it broke past a key hurdle this week, resulting in prices rallying about 30 percent from the breakout point, while the rally is a steep 65 percent from the low of the week to the high of $99.
Given that overbought RSI and retraced prices, its a good sign for the bulls to pause for now and consolidate the gains achieved in such a short time to be able to build on further from here.
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.
