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- LTC defies the FTX fiasco as the price surges beyond 5%
- It promotes its salient features of a decentralized network and self-custody.
- Becomes the top gainer in the past 24 hours.
Litecoin to leave the path of recovery and surge higher as the user masses switch from exchanges and adopt self-custody options. The domino effect of the FTX meltdown and other huge investors has left the market at a standstill, but LTC defies it and moves up to the price level of $62.
Here’s what charts reveal
The price forms a bullish pennant and indicates the upcoming surge. Despite facing rejection to a region of $50, the price of LTC bounced off as it rallied to reclaim the 50 EMA acting as the strong support. If the price of LTC holds above $60, we could witness the price rally to a high of $65-$70 very soon. If it maintains the current pace, the price may rally to $73.70 in a single swing.
The price trend continues to form and strongly indicates the surge. The RSI indicator, although neutral, moves in the 50-60 range. It may move closer to the bound of overbought soon, keeping in mind the upcoming market pressure to purchase. The CMF indicator moves closer to the 0-level and may cross it soon to mark the uptrend. The MACD indicator has already converged and may witness a bullish breakthrough concerning the upwards trend.
The closer look
The price may soon surge upwards, breaking the current pattern. The MACD indicator turns bullish and shows increasing purchases bunch by bunch. The divergence may widen as the price rallies. The RSI indicator reaches closer to the 70- mark indicating that in the future, it may even move beyond this range and become overbought.
Conclusion
The current market study reflects strong sentiments for the self-custody concept as a whole. Due to this, many are deriving benefits as the crowd shifts from exchanges. In times of crisis, these indications are positive, as users are not moving towards mass-quitting of the industry, and people are ready to bring balance back.
Technical levels
Support levels: $50.13 and $44.35
Resistance levels: $63.24 and 73.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
