Litecoin jumped 12% over the weekend to surge to a 4-month high of $2.100 as bulls decide to take full control of the situation. In my previous analysis, I had discussed that the market may end its consolidation soon and now that it has, I expect the action to continue for a little longer.
As bulls take a breather, Litecoin is trading at $2.013.
The massive rally in Litecoin must have taken a majority of market participants by surprise. But now, as the price looks to form a base above $2.000, minor profit booking cannot be ruled out.
Litecoin Chart Structure – The 240-minute LTC/USD price chart above indicates that the cryptocurrency has re-entered its upward trading channel as demand for Litecoin soared. The cryptocurrency staged a breakout above the support level and retested it before making a strong upmove on high volume. As the price approached the upward range of the channel, traders booked profits which dragged the price.
Moving Average Convergence Divergence – The strength of the momentum is