Litecoin led the market on Sunday when it increased over 10% against the USD with other major cryptocurrencies following suit later that day.
The same may be taking place today as Litecoin continues its surge despite other major cryptocurrencies not following.
The initial surge took place after an inverse head and shoulders formed on the daily chart.
Litecoin broke through resistance at the neckline of the inverse head and shoulders and also managed to overcome the 50 EMA which had long acted as a resistance point.
Yesterday’s price action showed some consolidation before the surge continued today.
Price action is now approaching $41.50 where resistance is expected to come into play.
Between $41.50 and $44 was an area of liquidity during mid-November’s bearish drop where price consolidated before continuing to drop to the downside.
The 4-hour shows price action starting to reverse after approaching the $41.50 level.
There is still a strong possibility that price will continue to increase and enter the $41.50 to $44 territory.
Even if the price does not continue to increase, it is already after appreciating around 7% over the past 24 hours and may catalyze other major cryptocurrencies to rise later today.
- Litecoin continues to surge after a brief consolidation yesterday.
- The surge from Litecoin on Sunday resulted in a surge in other major cryptocurrencies. Litecoin could be leading the market once again today.
- Resistance is currently being met at $41.50. $41.50 to $44 is highly likely to be an area of seller liquidity.
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