Please try another search
Litecoin (LTC), the Bitcoin (BTC) spin-off, gained a respectable 12 percent today knocking Bitcoin Cash (BCH) out of the number seven spot.
The price opened today at $24.10 per LTC and quickly shot to $27.67 before pulling back slightly. At the time of writing Litecoin is trading for $26.68 and ranked seventh with a total market cap of $1.56 million.
This latest surge was enough to kick out both Bitcoin Cash (BCH) and Bitcoin Cash Satoshi’s Vision (BCHSV) from the number 7 and 8 spots respectively.
Even with today’s pump, Litecoin is still down more than 92 percent from its all-time high in December of 2017, more or less on par with the rest of the top-50 cryptocurrencies in the current bear market.
Taking a look at Litecoin’s relative strength index (RSI) shows a fall within a descending channel and a ‘W’ shaped shape pattern forming with a bottom at 35.
With its latest burst of energy, it is most likely that the RSI will top out around 40 before either breaking to the upside towards the top resistance or go back down to test a lower support.
Litecoin’s happy days may just be taking a turn for the worse in this coming week. Today’s 12 percent surge was enough to carry the price about halfway up to the 0.236 Fibonacci level but has now come under heavy descending resistance as well.
Considering the RSI and LTC’s position at the top of the descending channel, the bulls will most likely need some more time to consolidate and recharge before being able to break out. Another steep fall to a lower support, in this case around $17.50, should be enough to force a hard bounce back to the $31 dollar range.
There is a chance that $23 will hold as a support if tested again, and could send the price shooting off towards the 0.382 Fibonacci level around $36.
Traders should be cautious entering a position on the tail end of a 12 percent bull run and should wait for confirmation of a breakout or a fall to a lower level before making a move. Those who got in at the bottom should look to take profits and call this one a win while they are ahead.
Is this just the beginning of Litecoin’s (LTC) reversal? Will LTC put in a new 2018 low by the end of the year? Let us know your thoughts in the comments below!
Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does not hold LTC.
According to data, XRP saw a significant 15% spike in its price over the last 24 hours. The price gain was met with a more than 250% growth in its daily trading volume. Could this...
Bitcoin's recent rebound above $70,000 signals a potential continuation of its upward trend, driven by institutional demand through ETFs. The next target for Bitcoin could be...
The research released by crypto exchange Bitget shows a significant growth in investors' interest in the artificial intelligence (AI) sector in February. Readers can get critical...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.