- Cryptocurrency markets continued their rally soon after facing a major blowout.
- The seventh-largest cryptocurrency by market capitalisation, Litecoin, witnessed major price shifts for a week as Bitcoin broke the psychological barrier of $10,000.
- Investors were expecting Litecoin price to break the $70 mark; however, Bitcoin’s price has dragged Litecoin down with it.
Cryptocurrency markets continued their rally soon after facing a major blowout. At the time of writing, the overall market capitalization for cryptocurrencies stood at $346 billion, which is up 2.9% from the last 24 hours. Bitcoin priced at $11,405, with a 24-hour trading volume of $19.80 billion. Bitcoin’s sudden surge to $12,000 and subsequent plunge has investors scrambling to make sense of the market. However, soon after the drop, Bitcoin immediately bounced back to $11,200. Following Bitcoin, the price of Litecoin also recovered. Besides, Ethereum is vigorously marching towards the $400 mark and is likely to break the long awaiting psychological barrier of $400.
Litecoin Price Analysis
The seventh-largest cryptocurrency by market capitalisation, Litecoin, witnessed major price shifts for a week as Bitcoin broke the psychological barrier of $10,000. Investors were expecting Litecoin price to break the $70 mark; however, Bitcoin’s price has dragged Litecoin down with it. Although, the price of Litecoin recovered to surge to $59, with an upsurge of 3.4% in 24-hours. With a $3.8 billion market cap, LTC maintained its 7th position in the cryptocurrency mark with a 24-hour trading volume of $2.3 billion.
Litecoin Technical Analysis
The recent downturn in Bitcoin followed by a simultaneous drop in the price of many altcoins, depending on how closely they are correlated to Bitcoin. Litecoin suffered heavier losses falling sharply from $64.32 to $56.30.
The Litecoin price broke out from a long-term resistance line, indicating that it has begun a bullish trend with a volume-supported breakout. When Bitcoin dropped, this resistance turned to support, and the level was quickly defended. The Litecoin price is expecting a further move in the coming weeks to $72 and $84. While comparing with large-cap cryptocurrencies, litecoin usually has a lot of space to catch up.
The technical analysis indicates that Litecoin is likely to develop an uptrend pattern in the coming days If Bitcoin price continues to move in a positive direction.
While the MACD on the daily chart remained at 57 during the press time, the Relative Strength Index or RSI is moving up steadily and has enough room for going much higher than that. The chart shows that the Litecoin price is trading above a very strong support level of $52.