- Litecoin (LTC) grows over 20% in the past 24 hours breaching above weekly key resistance at $67.00 USD.
- Bulls targeting the $100 USD mark as interest in altcoin keeps rising.
The market is showing major movements again and this time Litecoin (LTC) is the coin to watch after a massive 10% gain in the past 24 hours. The seventh placed cryptocurrency in market capitalization becomes the latest asset in the top ten to gain double digits in a day over the past month with Bitcoin (BTC), Ripple (XRP) and Binance Coin (BNB) the only absentees.
LTC/USD soars by 18% in the past 24 hours
LTC is currently changing hands at $67.98 USD, representing a sharp 18.34% from intraday lows, as bulls rage on in a rising market, which has been consistently bullish in the past few days. The spike saw the price breach key resistance at $65.00 USD, as the daily Elliot Wave Oscillator turned green for the first time since late December.
At its very height the price of LTC/USD reached a 20% increase as the price rapidly soared to intraday highs of $70.21 USD in the late trading hours in the Asian market. Litecoin currently places above EOS, Binance Coin and Ethereum Classic on the seventh position with a total market capitalization of $4.3 billion USD.
LTC/USD bulls targeting $100 USD as golden cross forms
Looking at the daily charts, LTC/USD moving average convergence divergence (MACD) has formed a golden cross signaling a possible extension of the bullish run. Top altcoins have been on a crazy run since the start of 2020, leading to some analysts concluding the market has effectively ended its two-year long bearish trend.
On the longer term charts, LTC/USD is further showing possibilities of breaking above key psychological resistance at $100 USD. Being up almost 100% since December lows and LTC witnessing rising daily trading volumes, a bullish stance seems a solid bet. Can the rising interest in altcoins and Bitcoin’s upcoming halving have the desired effect on LTC?
A cautious moment – bearish signals?
Well, the spiking relative strength index (RSI) to overbought levels (currently oscillating at 73.84) shows you should be cautious in trading the pair as a short dip may occur before a continuation of the uptrend.
Genuinely, can someone explain to me why I should care about Litecoin and why on earth we need derivatives tied to it…
— Frank Chaparro (@fintechfrank) January 30, 2020
Furthermore, there are skeptics who believe the crypto is yet to show its potential – except as a speculative asset, or not.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.