- Litecoin is heading towards the supply zone as it continues its bullish momentum after the breakout from rounding bottom pattern
- The pair of LTC/BTC is gaining over +7.59% currently trading at 0.00458236 BTC
Litecoin (LTC) abruptly gained over +12.34% in the last 24-hours and formed the rounding bottom pattern over the monthly chart, heading towards the supply zone after testing the lower level of $65.23. The bullish momentum is showing no signs of retracement as it is trading in the rising channel pattern with continuously making higher highs and lower lows patterns. However, get corrected from the higher level of $93.58 is also recorded as the new 52-week high. The rounding bottom pattern is observed after testing the accumulation zone. The rising channel pattern is observed heading towards the resistance of $94.
The negative crossover of 9 & 21-day Moving Averages over the 50-DMA indicates the bearish momentum for the short-term, but the 9 & 21-DMA again gives the positive crossover to 50-DMA supporting the bullish momentum in the coming trading sessions. The support on the downside is placed at $65.23 and $51.60, while on the higher side resistance is placed at $93.58 and $141.68 for the positional view.
The daily chart is suggesting the uptrend with the 7-day range of $63.23 to 93.58 low and high respectively. LTC is trading at 89.12 with an intraday major gain of +12.13%. The volume recorded in the last 24-hours is $7,750,573,630 and the total market capitalization stands at $5,879,136,235. The performance of the last seven days is with minor profit booking of -0.37%. The coin is trading in the rising channel pattern making higher highs and lower lows indicating the positive momentum for it.
The Relative Strength Index (RSI) is trading at 65.72 again heading towards the overbought zone after getting corrected from the overbought zone it indicates the bullish nature of LTC.
Directional Movement Index (DMI) is trading with the major significance of +DI over the -DI currently heading towards the ADX line indicating the positive momentum.
Moving Average Convergence Divergence (MACD) gives the negative crossover as suppressing the Bull’s line (blue) by Bear’s line (red) indicating the bearish short-term trend.
Resistance levels: $93.58 & $141.68
Support levels: $65.23 & $51.60