Litecoin: Big spike, can it last?
|- LTC gains the most for the day among major cryptos.
- More gains may not come through, barriers ahead.
Litecoin gains the most among major cryptos as it finds support on the long term after all the cryptos have been battered hard in the last few weeks that saw prices collapsing more than 50 percent for almost all the major coins.
LTC/USD is up more than 10 percent on day at $26.19, near high point of the day and trading in more than 11 percent range for the day - surprisingly high volume and higher volaility in a weekend trading.
On the daily chart of the crypto, it has rallied exactly from the long term trendline support that has helped prices stabilise and rally in the past, just like today. Also, on the 720-minute chart, it is stuck in a downward sloping parallel channel and the price has reached just around upper end of the channel. Unless bulls gain some more momentum, it may taper off and fall back soon.
LTC/USD daily chart:
LTC/USD 720-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.