Litecoin [LTC] Price Analysis: Token surges by 30%; bullish momentum to continue
After an incessant period of declines, all the cryptocurrencies listed on the CoinMarketCap are blazing green apart from a few losers. However, a big chunk of it is credited to the massive bullish effect by Litecoin [LTC], which pumped over 30% in the last 24 hours.
Currently, the fourth-largest digital coin in the world after replacing EOS, LTC has been escalating since late Friday mounting to a market cap of $2.65 billion.
The crypto coin, as recorded on Friday, opened at a valuation of $33.24 and closed at $43.46. LTC retraced back to a low of $33.01 before shooting up to a high of $43.90, breaking resistance at different levels.
At the time of writing, LTC had been trending with a market cap of $2.71 billion, priced at $4.52. The total volume of the coin traded during the last 24 hours has been registered at $1.95 billion.
LTC escalated significantly from $33.41 to $42.62, along with a small downward trend from $33.91 to $32.74. If the coin continues to tread upwards, breaking all the previous set resistance, it can retrace its valuation to the time it exhibited a ballistic rise of over $55 in November, last year. The support marked for this time phase for LTC is at $42.52.
Bollinger Bands: The BB indicator for this time period suggests a massive fluctuation, with the bands diverging and hence a highly volatile price momentum of LTC, can be anticipated.
Awesome Oscillator: The AO indicates a bullish phase for the coin’s valuation, with the lines turning green after a brief bearish stint.
Klinger Oscillator: The KO indicator predicts a bearish trend for the coin, with the reading line hovering below the signal line.
For the one-day time period, LTC exhibited an uptrend from $23.24 to $29.81 and a downtrend of $55.83 to $33.24. The resistance is marked at $48.92 and the support at $32.36
Parabolic SAR: The dotted lines aligned below the candles depict a bullish phase for the coin.
Chaikin Money Flow: The CMF graph is well above the zero-line, suggesting an inflow of money to the market and hence a bullish trend.
MACD: The MACD line is above the signal line, further predicting the coin’s bullish momentum.
PR, CMF, MACD and AO indicators all predict a coin’s future to be in a bull zone.
Charlie Lee, Litecoin creator and managing director of Litecoin foundation, on his official Twitter handle, posted:
“Litecoin trying its best to lead all of cryptocurrencies out of this bear market.”
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