Litecoin bullish fireworks tower the crypto horizon as market adds $10 billion

  • Litecoin rally still has the momentum to correct towards $50.00.
  • Litecoin leads crypto market recovery with gains of more than 30% in a single day.

Litecoin is a cryptocurrency has lived in the shadow of Bitcoin since its inception. Itself a hard fork of BTC, Litecoin has been able to stand out as the go-to platform for cryptocurrency payments. Like the rest of the digital assets in the market, Litecoin has lost more than 80% of its value from the all-time high. Since the beginning of January 2019, Litecoin has defended the support at $30.00. However, recovery has been thwarted by selling pressure on several attempts.

The cryptocurrency market experienced a wave of bullish pressure where crypto assets like Litecoin sprung up in incredible gains. Litecoin single-handedly led the recovery adding a whopping 30% to its value. The entire market reacted making movements north which culminated in the market adding $10 billion to that total cap from $111 billion to $121 billion.

At present, Litecoin is trading at $43.058 (highest level since November 2018) up from the opening price of $33.1686. The 24-hour trading volume has increased significantly from $652 million on Thursday 7 to $1.556 billion at the time of press.

Looking at the chart, the Litecoin rally still has the momentum to correct towards $50.00. The engulfing successive candles are supported by the positive signals from the technical indicators applied to the chart. For the first time since January 6, the Relative Strength Index (RSI) has zoomed into the oversold territory. Moreover, the Moving Average Convergence Divergence (MACD) is approaching the levels in the first week of January where Litecoin exchanged hands at $41.59. A correction above $45.00 is likely to open the gate for more gains and bring $50.00 in sight. Meanwhile, support above $40.00 will go a long way to ensure that the bulls gather strength to attack higher levels.

LTC/USD 4-hour chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD low volatility indicates a significant move to $8,000 or $10,000 is nearby

Bitcoin price is currently at $9,229 after a brief dip to $9,104. It is currently below the daily 12-EMA and the 26-EMA which have been unable to cross positively due to the lack of bullish continuation. 

More Bitcoin News

XRP/USD do-or-die scenario at $0.20

The XRP price target at $0.21 is slowly fading away after an extended consolidation period. XRP is still fighting to stay above $0.20 while daily EMAs...

More Ripple News

ETH/USD still on its way to $250 as the market cap of ERC-20 tokens surpassed Ethereum

Ethereum has been outperforming Bitcoin for quite some time and it’s still really close to cracking $250. Ethereum price is at $240.32 after a slight drop below the daily 12-EMA...

More Ethereum News

ADA/USD 8% explosion towards $0.138 could indicate that bulls are ready for $0.15

ADA/USD had a significant drop to $0.12 after getting rejected at $0.136 on July 13. The bulls managed to buy the dip and have pushed ADA above $0.13...

More Cardano News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast