Litecoin's (LTC) mini-rally still appears intact. LTC briefly spiked yesterday to a 2-week high of $5.68 on BTC-e. The spike, measuring 10%, by far outweighed simultaneous rises across the crypto markets. Bitcoin gained no more than 3% during the period, reminiscent of earlier days of LTC magnifying BTC gains. Although LTC quickly retraced back to the $5.25-5.35 region, it has been gradually trending back up toward the $5.40's.
LTC has also stubbornly kept above this $5.25 mark during the past 24h, despite several sharp turns to the downside. The summation of the recent activity points to a possible continuation of recovery. Although the long-term outlook is highly uncertain, the case can be made that some mid-term equilibrium is in order following August's steep sell-off, which was possibly intensified by margin calls and panic selling.
The gradual rise, despite Bitcoin's stagnation, is a continuation of LTC bucking the general price trends in crypto markets during the past week.
It is currently trading at $5.27. Versus Bitcoin, it has climbed back to as high as 0.0116 and is currently trading at 0.0112. The high of 0.0116 ties that of 2 weeks ago and shaping up as a point of some resistance.
Thus, LTC has unexpectedly come back into relatively close proximity of its 50-day moving average (MA), still reeling from August's sell-off. The MA now $5.90, LTC is only 10% off- as opposed to the typical 30% from during the past several weeks. LTC has not traded above this level since early June. Aside for a 20-day period during that time, you need to go back to April for the last time it has held above the MA for any sizeable period.
