Litecoin (LTC) and Binance Coin (BNB) are the lead bulls propelling the market higher again. Since last week, the former is up 28 percent. Prices are now at the highest they’ve been since October 2018 and the altcoin appears set to notch $70 over the short-term.
1-HR Chart
The $55 to $56 zone is providing some push back. In late February, gains above $54 proved futile and Litecoin (LTC) dropped 20 percent after topping out at $53.41. At the time of writing, LTC has pulled back from $58.71, dropping out of the ascending channel and below the 12 and 26 EMA to rest on top of the 50 MA at $55.25.
Litecoin is likely taking a moment to consolidate and regather strength after traders took profits near $58. Traders should keep an eye for LTC to cross above the 20MA on the Bollinger Band indicator. A move above the upper arm at $57.51 would bring the altcoin closer to re-entering the ascending channel at $58.
Weekly Chart
The weekly chart shows Litecoin as the lead bull, as it has sustained well and is now completing its fifth week above the long-term descending trendline. Litecoin (LTC) now trades above the 200MA.
Happy trades friends and, as always, please use a stop loss.
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[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase. The charts for analysis are provided by TradingView.]
Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase.