Litecoin is outperforming other major cryptocurrencies to date and is up more than 7% in the last 24 hours.
LTC, the native coin of the Litecoin blockchain, is up more than 7% in the past 24 hours. The coin is currently the best performer among the top 100 cryptocurrencies by market cap. at press time, litecoin price stands at $62.15.
There is no catalyst behind LTC’s ongoing positive performance. The rally comes as the broader crypto market has begun a recovery after a poor performance over the past two days.
The total cryptocurrency market cap is over $835 billion, up less than 1% in the past 24 hours. This Latest Cryptocurrency News Bitcoin attempts to move above the $17k resistance after gaining nearly 2% today. Ether is currently at $1,218, up more than 1% over the past 24 hours.
key levels to watch
LTC/USD is bullish on the 4-hours chart as Litecoin is performing well over the past 24-hours. Technical indicators suggest that LTC is outperforming the broader cryptocurrency market.
The MACD lines crossed into the positive zone a few hours ago, indicating that the bulls have taken control of the Litecoin market.
The 14-day Relative Strength Index stands at 61. If the positive performance continues, LTC could move into overbought territory in the coming hours or days.
If the bullish momentum continues, LTC could move above the first key resistance at $69.04 before the end of the day.
In case of an extended bullish performance, Litecoin could surpass the $75 resistance for the first time this month. However, to reach that level it will need the support of the wider crypto market.
The market is not completely bullish, which means that the bears may still gain control. If it happens, LTC could decline below the $57 support over the weekend.
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