- 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
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.