The action in Litecoin market in the past 24 hours has been muted. The cryptocurrency has failed to move even intraday and is now trading on a flat note at $2.979.
There are two factors suppressing the movement in Litecoin:
- Overhead Technical Resistances
- Lackluster Bitcoin Market
Both of these overhangs should be dealt with quickly if Litecoin is to maintain its positive stance.
According to the latest LTC-USD price technical considerations, Litecoin needs only a little upward thrust to secure more gains.
Litecoin Chart Structure – The chart structure remains positive until this moment. Litecoin has been scaling higher grounds, but the upside has been capped by the 50-day SMA and the 150-day SMA of 3.0355 and 3.0390 respectively.
Moving Average Convergence Divergence – In a big positive, both MACD and Signal Line can be seen fast approaching the positive territory. The Histogram is sustaining its positive bias well with a value of 0.0385.
Momentum – The Momentum value has reached the highest level of the month i.e. 0.2071. This means that the bulls are more confident now than they have been in the past