Litecoin Still in Rally Mode
Alternative crypto-currency Litecoin is still in rally mode. The bitcoin selling lead to a sympathy move lower in LTC/USD. On Fxopen a low of $3.78 dollars was hit last Friday. This is exactly the level we noted
last week as a potential trend stopper. Luckily for the bulls, right at this figure the sell-off ended and a recovery rally took prices to a high of $3.98 dollars on Saturday. We’re currently quoted at $3.95 dollars per coin.
The technical picture is mostly unchanged for LTC. A decisive break below $3.78 would end the current rally. Both the short-term and medium term trends are up while the long-term trend is still neutral.
A breakout above the highs of ascending triangle at at $4.194 would resume the momentum move higher. Above here we have resistance at the $4.50 figure, followed by the $4.85 swing high and the round figure at $5 dollars. The next potential resistance level is at $8.64 dollars. This was the 2015 high for Litecoin. As we’ve written previously, due to the large price gap between $5 and $8.64 dollars, resistance levels are likely to emerge in between. Potential candidates include the round figures at $6, $7 and $8 dollars, as well as the 50 cents figures at $6.50 and $7.50 dollars per coin.
- See more at:
https://www.xbtce.com/en/news/bitcoin-rally-ends-litecoin-still-up/#sthash.bx9PsT7V.dpuf