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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.

Manoj B Rawal Independent Analyst

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:

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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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