Litecoin is the cryptocurrency market’s overachiever with a 26% weekly increase in price that outperforms everybody else in the top 20.
LTC started to trend last weekend (Sunday to be specific) at 19:15 UTC more or less. It went up from 101.1 to 115.014. Then it began to fluctuate, mostly moving sideways but it seems it’s become stable around USD 115.00, so it had a fantastic day so far.
We’ve seen this behavior in many other cryptocurrencies. At some point during Sunday they surged, increased in value significantly, and then they stopped rising but have found some stability and much higher levels. That suggests that no particular digital currency has a reason to perform well, but that the whole market is getting money in, which is good for everybody.
Charlie Lee’s cryptocurrency is trading at $115.37 as we write this, so that’s the price we’ll use to look at the daily and monthly technical market analysis that we’ll share with you in this article.
24-hour technical analysis
In the daily technical we are above the pivot point (so the market is bullish) but below the first resistance level (116,322) which means that LTC should keep going up and we should not be worried about it bouncing back down until it gains almost two full dollars more in value.
The first support level is at 104,615, but it’s hard to see how it could be relevant today since the lowest value LTC has reached over the last day is $111. Also, the rising periods have had high trading volumes, so there’s every reason to believe that the increased price is meaningful and not just a random market fluctuation.
In the daily scenario every indicator is for the bulls, and so are all of the moving averages, thus joining the bulls should be a good bet for today, especially since we’re still far from reaching the first resistance level.
Monthly technical analysis
The monthly scenario is even more bullish. In this context we’re already beyond the first resistance level (94,569), so the trend is decidedly upward. The second resistance level is at 114, 904, which is where we could expect for the price to go down, except that this level has already been broken several times during the last 24 hours. The third level is quite far at 132,018, so it’s doubtful that it could be tested today. Bear in mind that this resistance is both lower and more meaningful than the 24-hour one, so plan accordingly.
All the averages are intensely green, and so are most technical indicators.
The only problem for LTC traders is that the big surge already happened. The currency could keep gaining value over the next day or days, but chances are it will increase slowly and not in the dramatic way we saw a couple of days ago. So if you’re going to get a piece of the LTC action, you’ll need patience, discipline, and a trading plan.
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.