Litecoin has broken out from the two-week trading range we discussed in the previous Litecoin price technical analysis titled Range Trading? as positivity from the Bitcoin market spills over. Litecoin is currently trading at $2.887.
Though a breakout may seem as the best indication for the market participants to go long on Litecoin, my advice would be to wait for a close above $2.950 or buy on a dip. But, why do I say this? Read on the technical indications below to find out.
I still find the technical indications fairly mixed and therefore, require stronger signals or a low-risk opportunity to enter into Litecoin trading.
Litecoin Chart Structure – As can be seen from the daily LTC-USD price chart above, Litecoin has breached the resistance after spending considerable time within the contracting range. A breakout after a long time is generally followed by big price moves.
Moving Average Convergence Divergence – The value of Histogram has increased very minutely to 0.0300 while that of MACD has appreciated to -0.0735.
Momentum – The Momentum reading is now positive at 0.1020.