Litecoin is finally making a move.
As the market for altcoins moved, the charge was led by the top dogs. Ethereum and XRP inevitably stole the spotlight, surging ahead with mammoth gains, but Litecoin was firmly on their tails. Quietly inching into the $70 range, which it had fallen out of last month, the digital silver is now looking healthy.
With bearish signs littered across LTC charts, the move out looked optimistic, to say the least. However, with sustained trading over the $70 mark, coupled with healthy technical signs, the coin could sustain its uptrend.
When looking at the cryptocurrency’s 4-hour chart, the parallel channel seems to be widening. With higher-highs being mounted, the coin has broken two key levels. Firstly, the psychological level of $70 was surpassed on 16 September, a precursor to the altcoin upswing. The next resistance level of $75.68 was seen off on 18 September, as the coin surged to $78.5, just short of the $80 mark.
Since then, Litecoin has dropped below the aforementioned levels, trading at $74.75 at press time. However, given the direction of the parallel channel and the movement of the lines away from each other, the spread will look to increase, calling for more wayward movement in LTC’s price, if the markets sustain its current movement. The Bollinger Bands have compounded this movement, addressing the increase in volatility.
The long-term 1-day chart is where things get really interesting. In stark contrast to the previous chart, the 1-day chart shows Litecoin trading in almost a perfect parallel channel. However, following the proceedings of the past week, a breakout was seen beginning on 14 September.
Within the period of 14 September – 21 September, Litecoin saw a 12.7 percent price increase which pushed the coin out of the parallel channel,