Technical Analysis: Litecoin (LTC) - Feb 14th

We saw a massive move in Litecoin overnight as the price rose over 33% in the last 24 hours. We knew this move was coming after finally breaking out of the downward trend line but just didn't know when the move would occur. After taking out the prior high set on February 4th, Litecoin is currently on its moon shot jump where sky is the limit. There has been a lot of news surrounding Litecoin in recent weeks whether it is about the implementation of the fork or about Litepay. Whether either of these had anything to do with the current impulse we are seeing now is up for speculation but all we can do now is hold on and wait for the ride to stop.

The next major point of resistance is going to be around the $268 range where the next prior high was set. We have seen slight pull backs around the previous highs as it bounces off the resistance for a little bit before breaking through and heading to the next level of resistance. As of this morning, Litecoin surpassed Cardano as 5th on the cryptocurrency list as its marketcap rose to over 11.5 billion dollars.

It will be interesting to see how far this move will go, but I strongly believe that this move will take out the prior all time high set around $380 as this new impulse will need to take out prior highs in order to maintain its bullish trend.