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Litecoin led the market on Sunday when it rose by more than 10% against the USD with other big cryptocurrencies that occurred later that day.
The same could happen today, while Litecoin continues its wave despite other important cryptocurrencies do not follow them.
The initial wave took place after a head and shoulders reversal formed on the daily chart.
Litecoin broke the resistance to the neck of the head and the reverse shoulders and also managed to overcome the 50 EMA that had long been a point of resistance.
Yesterday's price action showed some consolidation before the rise continued today.
Price action is now approaching $ 41.50, where resistance is expected to come into play.
Between $ 41.50 and $ 44 was a liquidity area during the downtrend in mid-November, where the price was consolidated before continuing to fall.
The 4 hours show price action that begins to reverse after approaching the $ 41.50 level.
There is still a strong chance that the price will continue to rise and enter the territory from $ 41.50 to $ 44.
Although the price does not continue to rise, it is already after appreciating around 7% in the last 24 hours and could catalyze other major cryptocurrencies to rise later today.
Key Takeaways:
- Litecoin continues to rise after a brief consolidation yesterday.
- The wave of Litecoin on Sunday caused a surge of other major cryptocurrencies. Litecoin could once again be the market leader.
- The resistance is currently satisfied at $ 41.50. $ 41.50 to $ 44 is highly likely to be a seller's liquidity area.
Latest news about Litecoin:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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