Litecoin price analysis: Can it cross past the resistance towards a breakout?
- Gains 4 pct, among major gainers.
- Needs to cross past major levels to show signs of breakout.
Litecoin is among the major gainers of the day on Monday when all the cryptocurrencies gained after a volatile week that saw all the digital currencies losing anywhere between 20-40 percent.
LTC/USD is up more than 4 percent at $119.80 as MACD crosses above zero line on intra day 15-minute charts, while RSI bounces from oversold levels on the daily charts.
On the intra day 15-minute chart, LTC needs to cross $122-25 to sustain the momentum and $140-50 zone to breakout of the triangle pattern which has been forming from its December 2017 highs. For now, the signs are visible, but you can never be sure in a highly volatile crypto age.
LTC/USD intra day 15-minute chart:
LTC/USD daily chart:
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.
