Litecoin has been struggling to see any continuation after the recent attempt by the bulls to create an uptrend on the daily chart. They were able to form 3 higher lows but almost no continuation to the upside until today.
The bulls are seeing a lot of continuation today breaking above the recent resistance of $73.24 with a 5% price surge in only 2 hours.
The hourly chart shows 2 huge candlesticks creating a clear uptrend and breaking above EMA’s. Similarly, the 4-hour chart has confirmed an uptrend again with a big candlestick trading way above the EMA’s at $73.8 currently.
The daily chart is now in full control of the bulls which are looking for those EMA’s to cross bullish, probably within the next 2-3 days if they are able to keep up the momentum. The RSI is only at 54 points and there isn’t any nearby resistance until $76.1 and $79.29
The weekly has set a low at $62.05 but unfortunately for the bulls, the high is all the way up at $107.04 so the odds of breaking above that resistance in a single move are slim. The bulls would need to set a lower high followed by a higher low and then seek a break-out.
The monthly chart is looking to set a low of $62.05, this chart is favoring the bulls as they have more volume and they could see a continuation of the trend even by the end of this year.
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