Litecoin has been the top performing major cryptocurrency over the past seven days.
Data from Messari show Litecoin increasing 10% in price over the past seven days.
If Fibonacci retracement levels are drawn from the December low to the January, we can see that price has been meeting resistance at the 0.382 retracement level.
Price also trades between two key moving averages.
Price has been both meeting support at the 50 simple moving average (SMA) and meeting resistance at the 100 SMA.
With the moving averages tightening, prices will likely undergo a significant break above or below one of these levels.
Price has already tested the 0.382 Fibonacci retracement level.
Each test makes the level weaker with progressively fewer sellers to hold the level each time.
The outperformance of Litecoin leads to a more bullish outlook for Litecoin when compared with other top cryptocurrencies.
Momentum has also been on the side of buyers in Litecoin with the RSI increasing on the daily and the 4-hour chart.
- Litecoin is the top performing major cryptocurrency over the past seven days after recording a 10% increase.
- Price has been meeting resistance at the 0.382 Fibonacci retracements but has also been trading tightly between the 50 SMA and 100 SMA.
- Price has been setting up with a more bullish outlook recently. An increasing RSI on the daily and 4-hour chart reflects increasing buyer momentum.
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