Litecoin Bullish as LTC Starts to Resume the Uptrend
After trading in different directions, cryptocurrencies started to turn bullish early last week, and the entire market was making some decent gains. But the second half of the week turned mostly bearish, and the cohesion in the crypto market fell by the wayside. Some cryptos retreated lower, while others, like Litecoin, held their ground. Now, things are starting to move again, so let’s have a look at how Litecoin is doing.
Litecoin Price Analysis – LTC/USD Daily Chart
Litecoin held its gains last week, while most of the market retreated lower
Looking at the daily chart above, we see that Litecoin was trading within a range below the 200 SMA (purple), which was acting as resistance on this timeframe. It tried to move above that moving average a couple of times, but the buying pressure was not strong enough to keep the price up there.
The bullish move towards the end of October was not too strong, but it was consistent, and buyers held onto the gains. The 20 SMA (gray) turned into support eventually, and early last week, LTC/USD surged from $200 to almost $300. It formed a doji candlestick, which is a bearish reversing signal after the bullish move, but there was no retreat to follow the doji, which shows strength in Litecoin. Over the weekend, this cryptocurrency formed two bullish candlesticks, so perhaps the bullish momentum is resuming again.
Litecoin Price Analysis – LTC/USD H4 Chart
LTC reversed higher as soon as the 50 SMA caught up
On the H4 chart, we see that Litecoin rose above the moving averages in October, which turned into support, and then the surge came last week. The 20 SMA turned into support for some time, but it was eventually broken. However, buyers started jumping in once the price approached the 50 SMA (yellow), which shows strength once again, but it will have to push above last week’s high for the bullish trend to resume properly.
The price action in Litecoin was really boring, especially considering that other cryptocurrencies were making some decent gains last month. But now, it has become one of the interesting cryptos in terms of the price action. The partnership with Visa, which resulted in the Litecoin Visa debit card, has increased the transaction volume, and the Commonwealth Bank of Australia is also offering users the ability to buy, sell and hold LTC now. So, things are moving in the right direction for Litecoin, and the uptrend seems to be resuming again.
Litecoin LTC Live Chart
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals