Litecoin: Bulls come calling?
- Price rises in the short term in sync with support line.
- Bulls pass first test of 200 DMA, what next?
Litecoin, is among the few cryptocurrencies that has passed a critical test of the bull run wherein it has crossed past 200 days SMA, a key test for the resumption of bull market. Whether bulls can build on to it or not is the next big question staring at them.
LTC/USD is up just about 0.2 percent on day at $48.95 in two percent range for the day while volatility is on the shrinking side. On the hourly chart of the coin, it is rising in support of an ascending trendline that has helped prices remain elevated and not fall much throughout the gone by week.
While prices remain up in the short term, next big question facing the bulls is how to build on to the momentum after crossing past 200 days SMA. Perhaps 200 days EMA, sitting not far from the CMP - $50.543.
LTC/USD 60-minute chart:
LTC/USD daily 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.
