I think that Litecoin has taken offence from my last analysis As Flat As It Gets and surged over 20% during the weekend to cross the overhead resistance.
Litecoin is now trading up $0.839 or 22.45% at $4.575, thanks to a nearly 6% rise in Bitcoin.
Even with technical indicators remaining bearish, Litecoin surged during the weekend helped by a rise in the leading cryptocurrency Bitcoin. It has been following Bitcoin since the dramatic fall (see the big red candle in the chart above), replicating its every move. Even now, Litecoin has halted its upmove as Bitcoin has hit a resistance.
Litecoin Chart Structure – With these gains, Litecoin crossed its first barrier of $4.100 and even pierced above its previous low of $4.280. The main task before the bulls now will be to cross above the previous peak of $5.237 in order to effect a higher top.
Moving Average Convergence Divergence – The MACD has registered a bullish crossover with the Signal Line and has lifted the Histogram in the positive region. At the time of writing this