Litecoin LTC Recovers Against the USD, Moves Higher Before Facing Resistance. The entire cryptocurrency market has made significant progress over the last 24 hours.
Litecoin might not be among the top gainers but it also joined the rally briefly. The token kept trading in green until today. It opened the trading day up by 11.32% against the USD. In terms of price change, Litecoin LTC ranked 6th compared to other cryptocurrencies. As the price of Litecoin started moving higher yesterday, the daily volume and market capitalization also increased and it outperformed all the top four cryptocurrencies on CoinMarketCap.
At the time of writing, the LTC bulls were losing momentum but they were not out of the game yet. The price of the token was $47.80. It is up by 1.17% against the USD and down by 1.84% against Bitcoin BTC. The trading volume over a 24 hour period is $2,728,663,939 and the market capitalization is $3,112,547,359. Even if the token is doing better than it was yesterday and the day before, it is still down by over 95% from its all-time.
This is hardly anything to write home about. There are no indicators that show that a sustainable bullish rally is coming for LTC. Traders need to start getting comfortable in this $40 – $50 range cause there is no evidence of a significant surge above this level.
According to the technical indicators, the 200-day averages are located around the 49.61 level and this is where the price of the token is trading around. It has become the make or break point for Litecoin LTC near-term. Taking a look at the price trend over the last 30 days will give you a better idea of the path ahead. In five out of the last 10 days, the LTC token has trader higher against the USD.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Litecoin LTC Starts Recovering Higher Against the USD but the Resistance at $0.4800 Holds it Back
- Crossing the $0.4800 Level Will Pave the Way for Higher Highs Near-term
Yesterday, Litecoin LTC started moving higher against the USD in line with the rest of the market. The altcoin market was rallying behind Cardano ADA after it surged by more than 10% in less than 24 hours. The surge in the price of Cardano ADA was remarkable and it eventually carried Litecoin and other cryptocurrencies along.
However, Litecoin faced resistance at the $0.4800 level and started correcting lower against the USD. While the LTC token may not have increased at the same pace as the rest of the market, this was still one of the biggest moves it has made in the last three months so it is worth the commendation.
