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.
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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