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- Litecoin is heading towards the supply zone as it continues its bullish momentum following the breakout from the rounding of the lower pattern
- The LTC / BTC pair is gaining over 7.59% currently trading at 0.00458236 BTC
Litecoin (LTC) has suddenly gained over + 12.34% in the past 24 hours and has formed the rounded lower pattern on the monthly chart, heading towards the supply zone after testing the $ 65.23 lower level. The bullish momentum shows no signs of retracement as it is trading in the rising channel pattern with continued patterns of higher highs and lows. However, the correction from the high of $ 93.58 is also recorded as the new 52-week high. The rounded bottom pattern is observed after testing the accumulation zone. The rising channel pattern has been observed to move towards the overhead resistance of $ 94.
The negative crossover of the 9 and 21-day moving averages above the 50-DMA indicates bearish momentum for the short term, but the 9 and 21-DMA again provides the positive crossover to the 50-DMA supporting the bullish momentum in the next trading session. Downside support is placed at $ 65.23 and $ 51.60, while on the upside the resistance is placed at $ 93.58 and $ 141.68 for positional viewing.
The daily chart suggests the uptrend with a 7-day range between $ 63.23 and 93.58 between low and high respectively. LTC is trading at 89.12 with a major intraday gain of + 12.13%. The volume recorded in the past 24 hours is $ 7,750,573,630 and the total market capitalization is $ 5,879,136,235. The performance of the last seven days is with a minor gain of -0.37%. The coin is trading in the rising channel pattern, making higher highs and lows indicating positive momentum for it.
The Relative Strength Index (RSI) is trading at 65.72 again heading towards the overbought zone after being corrected from the overbought zone, indicating the bullish nature of LTC.
The Directional Movement Index (DMI) is swapped with the main meaning of + DI on the -DI currently headed towards the ADX line, indicating positive momentum.
Moving Average Convergence Divergence (MACD) gives the negative crossover the suppression of the Bull (blue) line from the Bear (red) line which indicates the short term bearish trend.
Resistance Levels: $ 93.58 and $ 141.68
Support Levels: $ 65.23 and $ 51.60
