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.
