Litecoin price analysis: Litecoin leads crypto happy Monday

Litecoin has been the market leader today with gains in excess of 11% on Monday. Indeed, it’s a happy Monday in the crypto currency market or has Santa Claus come early? The entire market has seen a considerable recovery following the drop below $100 billion last week. At the time of writing the market is standing at $109 billion.

Litecoin has traded intraday lows of $25.54 while on the upside, the asset has traded intraday highs of $29.16. In the recent declines, LTC/USD broke below the range support at $23 - $25.00. Moreover, the asset formed a low at $22.57 before starting the current recover over the last weekend.

The bounce from the above mentioned low overcame the support turned resistance at $25.00 paving the way for growth above the hourly simple moving averages (both the 50 SMA and the 100 SMA). The trading on Sunday remained mundane and sideways but still supported by the trendline (see chart).

The cryptocurrency market spiked on Monday as the assets added significant gains. The bulls have comeback for revenge after being battered for more than four weeks. Litecoin leads the recovery with double-digit gains. The crypto is testing the resistance at 29.00 with $30.00 being insight. Technical indicators on the chart show that the price will continue to correct higher in the coming hours. The RSI is currently in the overbought regions while the MACD is heading upwards towards 1.00.

LTC/USD 15’ chart