Litecoin has added another 6% in gains after amassing 22% over the weekend. Now at $4.849, Litecoin may look forward to reaching its next target of $5.200.
The technical indicators and the price action remain highly positive for Litecoin, however, this is mainly due to the leading cryptocurrency Bitcoin which looks poised to cross $300.
Litecoin Chart Structure – If we look at the action of the past 3 days, we find that Litecoin traded in a tight range of $4.360-4.880. But the latest action has pushed the price to a high of $4.900, indicating that the bulls are increasing the pressure.
Moving Average Convergence Divergence – MACD maintains its lead over the Signal Line and keeps the Histogram afloat. MACD currently reads 0.1714, Signal Line has a value of 0.0890 and the Histogram has a value of 0.0823.
Momentum – The Momentum has also advanced to 0.9775.
Money Flow Index – Another strong point is the jump in MFI to a 2-week high of 58.1889.
Relative Strength Index – The 14-day RSI value of 58.2268 is representative of the strong bullish