Manoj B Rawal
Independent Analyst
- Like many others, LTC too eyeing a breakout.
- RSI, MACD lend a support.
Just like other cryptocurrencies which are showing signs of a breakout, Litecoin too has one such signal - triangle breakout, still a whisker away though, but once confirmed it can go miles, even towards all time highs.
LTC/USD is up more than 4 percent at $118 finding support at the triangle's ascending trendline, the very line which has helped it sustain the bear attacks in the past many instances and now key test lies in crossing over the descending trendline around $130-135 mark. What LTC has on its side is RSI which is bouncing back from oversold levels and MACD which is just below the zero line.
On intra day 15-minute chart though, multiple resistances stare between $115-125 levels before even reaching the breakout point of $130-35.
LTC/USD daily chart:
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