Litecoin: The breakout leads to outperformance
- LTC breaks out of the short term barrier.
- Key support kicks in on the medium term chart.
Litecoin manages to break out of a short term resistance and outperforms many other major peers while others still consoldiate after last year's massive crash that saw prices falling off the cliff and erasing more than 80 percent of the market value for almost all the cryptos, including Litecoin, which lost more than 90 percent from the December 2017 high.
LTC/USD up more than 4 percent on day at $33.849 and is at the high point of the day, while volatility is shrinking for this crypto - a sign of weaker bears. On the 120-minute chart of LTC, it first took a support of an ascending trendline that has helped it throughout last month and then broke out of a descending trendline resistance.
For this breakout to sustain and result into more gains, prices should first be able to go past $34.15 and then $37.20. Only then can there be any meaninhgful sustained rally in the prices.
LTC/USD 120-minute chart:
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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.
