Litecoin Trading LTC/BTC Technical Analysis, Dec 7: LTC Jumps Back above 0.01 BTC, Challenging 2-Week High

Litecoin (LTC/BTC) briefly jumped back above 0.01 on BTC-e for the first time in nearly two weeks as the altcoin advanced in dollar-based trading while Bitcoin remained flat.

LTC/USD jumped as high as $3.70, a 15-day high, and is now trading at $3.63. Although the rise was only 4%, it was its steepest in over three weeks. On November 11, crypto markets underwent a broad-based rally reminiscent of November 2014 and litecoin soared 18% to $4.17.

However, since then, litecoin gradually converged toward a tight range around $3.55, hovering 7% above 2014 lows but making no serious threat to break them.

Since hitting its bottom near $3.30 in October, litecoin has stemmed its slide. Today's jump has thus sent LTC/BTC above its 50-day moving average (MA) for the first time since the November 11 rally. Like BTC, which also recently overcame this barrier--for the first time in months--the crossover was possible due to a relative flattening in prices and a pause in declines. Thus, a gradual convergence between the MA and the traded price was easily overcome with a sudden spike like today's.

The reversal in the trend may signal that LTC has bottomed out in the mid-term. It would need to carry this momentum into the coming weeks without any significant breaches through the $3.50s.