fxs_header_sponsor_anchor

Litecoin: The breakout leads to outperformance

  • LTC breaks out of the short term barrier.
  • Key support kicks in on the medium term chart.

Litecoin manages to break out of a short term resistance and outperforms many other major peers while others still consoldiate after last year's massive crash that saw prices falling off the cliff and erasing more than 80 percent of the market value for almost all the cryptos, including Litecoin, which lost more than 90 percent from the December 2017 high.

LTC/USD up more than 4 percent on day at $33.849 and is at the high point of the day, while volatility is shrinking for this crypto - a sign of weaker bears. On the 120-minute chart of LTC, it first took a support of an ascending trendline that has helped it throughout last month and then broke out of a descending trendline resistance.

For this breakout to sustain and result into more gains, prices should first be able to go past $34.15 and then $37.20. Only then can there be any meaninhgful sustained rally in the prices.

LTC/USD 120-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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.