Litecoin Braces for A Bullish Breakout, As MAs Keep Squeezing It
Litecoin has been climbing higher together with the cryptocurrency market since late last year, but the big surge came in the last week of March and lasted until the middle of this month. But, the crypto market retreated lower in the last two weeks and Litecoin lost more than a third of its value as it fell from $335 to $210.
That was quite a large decline, but it stopped at $207 and it has been trying to turn bullish since then. Buyers have pushed above the moving averages, but the 100 SMA (green) turned into resistance on the H4 chart.
This moving average was pierced yesterday, but he price pulled back lower, closing below it, so that wasn’t a proper break. On the downside though, the 50 SMA (yellow) was holding as support, while today the 20 SMA (gray) caught up and has turned into support.
So, LITECOIN is trading between these moving averages and the range has became quite narrow. But, buyers are having another attempt at the upside and it seems like the 100 SMA will probably break now, which means that the bullish trend will resume. We are long on this crypto, so we are holding on to our Litecoin signal.
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