Share this article
Looking Up? Litecoin Eyes Bullish Breakout at $175
Litecoin is looking at a bullish breakout, having clocked a one-week high earlier today.
Updated Sep 13, 2021, 7:43 a.m. Published Mar 21, 2018, 1:30 p.m. 1 min read
is looking at a bullish breakout, having clocked a one-week high earlier today.
The world's fifth largest cryptocurrency by market capitalization rose to $175 at 17:19 UTC – the highest level since March 14 – and was last seen changing hands at $173, as per CoinMarketCap.
The 26 percent rise from the March 18 low of $137 indicates the sell-off from the Feb. 20 high of $254 has ended.
However, trading volume has dropped by 17 percent since March 18, suggesting the gains might be short-lived. Further, the 24-hour trading volume of $0.5 billion, stands well below the three-month average daily trading volume of $0.94 billion.
Still, there are reasons to be optimistic as, unlike bitcoin, the cryptocurrency is trading well above its 200-day moving average (MA), according to GDAX data. Further, the price chart analysis indicates LTC has created a bull flag continuation pattern.
Daily chart
View
- A bull flag breakout would revive the bull run and possibly yield a rally to $300–$320 in the longer term.
- Repeated failure to beat the flag resistance could yield a pullback to $150, but a bullish-to-bearish trend change is likely only below the 200-day MA support of $141.
Litecoin and USD image via Shutterstock
More For You
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
What to know:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
Top Stories
