The Trend Remains Strong for Litecoin and other Cryptos, As Smaller MAs Push Them to New Record Highs
Skerdian Meta • 1 min read
Cryptocurrencies continue the surge which they started last year. Some started the surge earlier and some later, with Litecoin being in the middle, since it started the strong bullish run back in November last year, as we explain on our Litecoin forecast for 2021.
We saw a retreat in January, but moving averages geld as support on the daily chart and a support zone formed around $ 120. Although, the retreat ended with January and the bullish trend resumed again, pushing this digital currency to new highs.
The price climbed above $ 131 today after bouncing off the 20 SMA (grey). This moving average has been the only one to catch up with the LITECOIN price during February, providing support and pushing it higher. BITCOIN on the other hand is trading above $ 50,000 today. This shows that the pace of the bullish move is really strong, so we will try to go long in Litecoin when we see another pullback to this moving average.