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Litecoin: Golden cross loses some sheen

LTC gives back gains after the golden cross.
Retraces back to key levels, do or die for bulls and bears.

Manoj B Rawal Independent Analyst

Litecoin, the crypto coin that has been one of the firsts to see bullish golden cross technical pattern, rallied quite a bit even as the pattern was unfolding itself, but has already given up some grounds after the crossover.

LTC/USD is down just about one percent on day at $80.833 and trading in less than 3 percent range so far in the weekend trading. On the daily chart, the fifth largest cryptocurrency by market capitalisation with just under $5 billion in market cap, was the first to see bullish technical pattern golden cross and has been the biggest gainer during the rally last month, but has now lost its sheen in the past few days.

On the 180-minute chart, the coin has reached a price from where it should be able to bounce, failing the bounce if the bears are able to gain control, it could be some more losing of ground for the Litecoin.

LTC/USD daily chart:

LTC/USD 180-minute chart:

https://editorial.azureedge.net/miscelaneous/LTC_USD_180_April 21-636914294491505236.png

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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