Litecoin is outperforming the different main cryptocurrencies thus far at this time and is up by greater than 7% in the final 24 hours.
LTC, the native coin of the Litecoin blockchain, is up by greater than 7% in the final 24 hours. The coin is presently the greatest performer amongst the high 100 cryptocurrencies by market cap. At press time, the price of Litecoin stands at $62.15.
There is not any catalyst behind LTC’s ongoing constructive efficiency. The rally comes as the broader crypto market embarks on its restoration after underperforming in the final two days.
The whole cryptocurrency market cap stands above $835 billion, up by lower than 1% in the final 24 hours. This latest cryptocurrency news comes as Bitcoin makes an attempt to transfer previous the $17k resistance level after rising by roughly 2% at this time. Ether presently stands at $1,218, up by greater than 1% in the earlier 24 hours.
Key ranges to watch
The LTC/USD 4-hour chart is bullish, as Litecoin has been performing properly over the final 24 hours. The technical indicators present that LTC is outperforming the broader cryptocurrency market.
The MACD line crossed into the constructive zone a number of hours in the past, indicating that the bulls have regained management of the Litecoin market.
The 14-day relative energy index stands at 61. If the constructive efficiency continues, LTC might enter the overbought area over the subsequent few hours or days.
If the bullish momentum continues, LTC might transfer previous the first main resistance level at $69.04 earlier than the finish of the day.
In the occasion of an prolonged bullish efficiency, Litecoin might surpass the $75 resistance level for the first time this month. However, it could want the help of the broader crypto market to attain that level.
The market isn’t fully bullish, which suggests the bears might nonetheless regain management. If that occurs, LTC might slip beneath the $57 help level over the weekend.
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