Litecoin has gone berserk after breaking out of the trading channel post a brief period of sideways consolidation. The price has jumped an earth shattering 59% since yesterday to hit a fresh 2015-high of $3.194. As the cryptocurrency loses some steam, the price has come down to $2.850.
Litecoin’s latest price action would have killed the bears, or at least made them broke. But now, even with the unprecedented rise in bullish strength, it isn’t worth to buy Litecoin when it has attained stratospheric valuation.
Technical analysis of the 240-minute LTC-USD price chart conveys that the overbought cryptocurrency must be allowed to come down before any fresh long trades are initiated.
Litecoin Chart Structure – After a period of muted action, bulls decided to stomp on the bears and leapt higher. The unparalleled rise was accompanied by heavy volume, indicating that the buyers were willing to buy at every level.
Moving Average Convergence Divergence – Even the 10% price drop from the highs failed to stem the rise in MACD value. The MACD indicator has surged to 0.2326, pulling along with it the Signal Line and the Histogram. The latest Signal Line and