Is Litecoin [LTC] Losing Steam as Lower High Forms?

Litecoin Daily Chart – Source: Tradingview.com

Litecoin underwent a huge surge over the past few days after overtaking Bitcoin Cash in the cryptocurrency market cap rankings.

The price increased from around $22.70 to a high above $30 yesterday, an over 30% increase.

The price has since started to retrace, and traders may be getting indications that the surge is coming to an end. Today’s candle is forming a Doji.

A Doji candle is a candle where the open and close of the candle are around the same point and typically represents uncertainty from the side of traders.

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Litecoin Hourly Chart – Source: Tradingview.com

Other factors also would indicate that Litecoin is likely to move downwards from here.

It is underperforming other major cryptocurrencies in the top ten over the past 24 hours.

The hourly chart has also started to record lower highs, a sign that the recent surge may be over.

This perspective is further supported by the hourly MACD and RSI decreasing.

This shows that the short-term momentum is on the side of sellers and price which may push the price to lower levels from here.

Key Takeaways:

  • After a significant surge, numerous factors indicate that Litecoin maybe after reaching the end of its surge.
  • The daily candle is forming a Doji showing uncertainty on the side of traders.
  • The hourly chart is forming lower highs along with the hourly MACD and RSI decreasing.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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