- LTC is up by more than 11% in the past 24 hours after the PayPal announcement to support cryptocurrencies
- The digital asset has climbed above several resistance levels and faces very little resistance.
The entire market capitalization has jumped by around $20 billion in the past 24 hours. PayPal has finally stated that it will indeed support the use of cryptocurrencies like BTC, ETH, BCH, and LTC to buy from more than 26 million merchants around the world.
PayPal is by far one of the biggest global payment providers with around 340 million active accounts. Litecoin had a positive reaction to the news, increasing its market cap by close to $400 million in less than 18 hours.
LTC eying up $64 with very little resistance ahead
After the massive 11% price explosion in the past 24 hours, the price of LTC has smashed through several resistance levels on the daily chart. Bulls are in full control now establishing a robust daily uptrend and looking for more gains in the near future.
LTC/USD daily chart
The digital asset has climbed above the 50-SMA and the 100-SMA, which hasn’t happened since September 12. Looking at the daily chart, we can observe basically no real resistance levels until $64, which means that a continuation bull move can easily drive the price of LTC towards that point.
LTC IOMAP Chart
The In/Out of the Money Around Price chart shows a similar story. Although there are some resistance areas before $64, the support we see below is far stronger in comparison. It seems that one of the strongest areas would be between $54.6 to $56.3 with a volume of 1.93 million Litecoin.
LTC/USD 12-hour chart
Not much can stop Litecoin at this point, however, the 12-hour chart shows an overextended RSI which could pose a threat to the bulls in the short-term. We could potentially see a brief pullback down to $50 as a re-test of the psychological level.
Key price points for Litecoin investors
Due to the massive news announced by PayPal about supporting cryptocurrencies, the entire market is heavily bullish. Many indicators, although bearish, will most likely not stop the digital asset from climbing further.
A continuation move of the current bullish momentum can easily drive LTC up to $64 as there is very little resistance to the upside shown by the IOMAP chart. On the other hand, rejection from the overextended RSI on the 12-hour chart could send Litecoin towards the psychological level at $50.
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