Litecoin (LTC) Surges by 10.32% on Weekly Charts as Analysts Eye a 40% Rally

Litecoin surges by 10.32% on weekly charts as analysts eye a 40% rally. Also, whale transactions hit $17.3 billion over the past seven days.

Despite being caused by weak U.S., employment data and the poor performance of tech stocks, Litecoin has seen a steady uptrend.

According to Kevin杞 Liの記事, LTC has formed a V-shaped recovery on the weekly chart. The token has been making straight gains with no major price drops to disturb the rally.

“Pretty strange looking chart as this isn’t something we see often in crypto. Basically been straight up with no major dips since the flush early this month. Interesting price action worth noting.”

However, since Litecoin’s rally appears to be solely driven by buying activity, traders should be cautious of any possible reversals.

Moreover, the 50-day SMA was attempting a major bullish crossover above the 150-day SMA. This metric indicates that a bullish momentum was forming to support a continuous uptrend.

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