Litecoin ballistic rise unseats EOS from the 4th position on CoinMarketCap

Litecoin performance today has left many in surprise. The digital asset surged over 14% in less than three hours. The rise from a low of $33.00 stepped above $38.00 before starting to slow down. In addition to that, the ballistic rise has pushed LTC up in terms of market capitalization. At the moment, Litecoin is sitting comfortably in the fourth position behind Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).

The brilliant performance is believed to be caused by positive sentiments towards the crypto following the announcement that the network next goal is to add privacy and fungibility features. As reported by FXStreet yesterday, developers at Litecoin are currently working in collaboration with Mimblewimble to enable direction conversion of LTC and MW assets.

After an elongated period of declines, the cryptocurrency market seems to be waking up. Litecoin has for the past six weeks stayed above the support at $30.00. However, the crypto has not been able to overcome the selling pressure at $40.00 since the lower correction in the first week of January.

At present Litecoin is trading at $37.71 after correcting higher more than 14% on the day. The bulls pulled above the descending trendline resistance. This ignited more gains above the 61.8% Fib retracement level with the last swing high of $41.53 and a low of $27.85. All the indicators are in the green with the Relative Strength Index (RSI) buried in the overbought region while the Moving Average Convergence Divergence (MACD) heading north above the mean line (0.0). This higher correction is likely to continue and a step above $40.00 is imminent in the short-term.