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- LTC has rallied over 43% in the past few weeks with the FTX fall. Meanwhile, BTC and ETH has dropped significantly.
- LTC/BTC pair has seen a fall of 0.8% in the past 24 horse. Technical indicators suggests a weak downside momentum
Litecoin is currently seeing a strong upside trend and has gain over 43% in the past few weeks. Meanwhile, other crypto currencies has seen a strong decline with the FTX contagion. The rally behind the LTC can be associated with the halving which is due in 8 months.It will reduce the mining reward of 12.5 LTC per block to 6.25 LTC in the next halving. Litecoin has bottomed out and can rally to a new high in upcoming days.
LTC is currently ranked 13th in CMC and has crossed the market cap of Solana. The volume of Litecoin has seen a gain of 1.5% in the intraday session. Volume to market cap ratio of Litecoin hints a consolidated momentum for the future.
Bulls Of LTC Are Getting Tired
The weekly technical chart of Litecoin suggests a strong move. On coming to the daily chart the asset price is currently trading near the value of $77 with a gain of 0.8%. The asset price has seen a positive crossover which is a bullish sign for it. It is trading above 50 and 100 DMA. Resistance of Litecoin can be seen near $100. Meanwhile, the support of the asset price can be seen near $50.
RSI of the LTC is at 70 highlighting its presence in the overbought zone. The overall sentiment of the RSI is neutral.
Conclusion
Crypto market is seeing a downtrend with the FTX contagion. Meanwhile, Litecoin has seen a strong gain in the past few days. It can be associated with the prehalving rally. It can continue the momentum in the future.
Technical Levels
Major Resistance:$100
Major Support: $50
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 the 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.
