Litecoin showing relative strength

Litecoin has been and continues to be in a stronger technical position relative to the other cryptos. As you can see in the chart below it is above both the long-term downtrend line and the 200-day moving average (brown line). It broke out above the downtrend line in mid-February and has since pulled back, in a relatively controlled low volatility manner, to test the line as support during the most recent pullback, low of $137.12. Support was strong though as it kicked in above the line at the 200-day MA. Note that support was also seen around the 200-day MA at the bottoms in February. This is all bullish price behavior that should lead to higher prices.

A breakout above the one-month downtrend line will trigger a new bullish signal, and the LTC/USD pair could then accelerate its advance. First, watch for a breakout to trigger on a move above $165.50. Strength is then confirmed on an enthusiastic rally above $175.50.

Reference: https://cointelegraph.com/news/cryptocurrency-and-equity-markets-weekly-performance-overview

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