Charlie Lee is a former Google engineer. If you’re reading this while browsing in Chrome, you’re probably using a piece of software he wrote. He came across the now legendary Bitcoin whitepaper and thought that you could get all the benefits in BTC without the intensive work it takes to create new blocks for the chain. Thus Litecoin was born.
Litecoin is doing well. It’s gained 4.63% in the last 24 hours and 5,89% over the previous week. The Bollinger bands are relatively broad, and we’ve seen green trade volumes over the past few hours. It would seem that LTC could start a trend soon.
As we write this, it’s trading at $124.66, and it’s on the green zone. Let’s see if technical analysis can give us some useful additional information.
24-hour technical analysis
It’s all neutral. The price is between the pivot point (129,589) and the first resistance level. But in the Fibonacci analysis, the price is already above the first resistance level, which supports the notion of a new trend.
The moving averages are divided. Eight are for the bulls, and four are for the bears. Technical indicators are for the bears at the tune of six to three.
That being said, the trend is upward, the price keeps rising, and chances are it will grow until it finds resistance at USD 125,032. But don’t despair, the monthly resistance levels are usually more critical. So let’s see those before we draw any conclusions.
Monthly technical analysis
It’s all good news in the monthly scenario. Every average and every indicator is 100% for the bulls.
The price is above the pivot point (122,357), and the first resistance level is so high (146,136) that it has a great deal of room to keep growing. So while the daily resistance level is at 124,032, the monthly one (which is more important) is way higher, and chances are that if the token finds resistance will be at 146,136 and not at 124,032.
Outlook
It’s a good day for Litecoin. It’s growing, and all the signs are encouraging and bullish. But before you delve in, you should do your own research and make sure that an authentic trend is actually going on. Otherwise, the coin could become stuck in sideways trade for hours and days, and that’s when nobody makes any profits.
Also, don’t forget that in the cryptocurrency market, volatility is always in the cards so you just can’t go all in without running a considerable risk.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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