Litecoin (LTC) on fire, gaining 6% on a day-to-day basis
- Ron Paul made a speech during Litecoin Summit.
- LTC/USD has cleared several resistance levels.
Litecoin (LTC) has become one of the growth leaders as the coin gained over 6% in recent 24 hours. At the time of writing, LTC/USD is changing hands at $62.00, which is the best level since October 28. Litecoin is the smiths largest digital asset with the current market value of $3.9 billion.
Litecoin Summit
The optimism around Litecoin may be based on Litecoin Summit that took place in Las Vegas during the weekend. Former congressman Ron Paul was one of the keynote speakers of the event, where he received his first Bitcoin from Bobby Lee, the co-founder of Chinese exchange BTCC.
"Forgot to mention, I also gave Dr. @RonPaul his first Bitcoin, loaded into a nice @BalletCrypto gold-plated REAL Bitcoin wallet," Bobby Lee wrote on Twitter while commenting the encounter with the crypto-friendly former US presidential candidate.
Litecoin's technical picture
Looking technically, LTC/USD settled above psychological $60.00 and came close to the next resistance is created by the upper line of the daily Bollinger Band at $62.40. A sustainable move above this handle will allow the recovery to gain traction with the next focus on the recent top of $64.10, followed by a psychological $65.00.
On the downside, the former psychological resistance of $60.00 now serves as a support. It is followed by SMA50 (Simple Moving Average) daily currently at $59.00 and $57.80, which is an upper boundary of the broken consolidation range that limited LTC movements for the best part of October. If it is broken, the sell-off may be extended towards $52.80 back in focus.
LTC/USD, a daily chart
Author
Tanya Abrosimova
Independent Analyst
