Litecoin [LTC] enters consolidation phase, approaches overbought territory
The cryptocurrency market continues to remain calm and stable with no major changes across the board. Most of the top 20 coins are trading sideways as bears have started to claw their way back in the market and there’s a mixed signal emanating from the market with no clear picture in sight. The leader of the pack, Bitcoin is down by 0.05 percent and is trading at $3,631.74 with a total market cap of $63 billion which makes it the flag bearer of the community. Another big player of the crypto community, Ethereum which surged ahead of XRP on Monday is down by 0.70 percent and is currently trading at $122.85. Litecoin [LTC] which led the rally on Friday last week is in a consolidation phase after a pullback this week. The coin gained nearly 30 percent last week and it led the charge last week that brought a smile on the face of crypto enthusiasts and ushered a genuine sense of optimism among the community. After it surge last week, the coin has cooled off a bit, but there’s renewed optimism that LTC will again move upwards. The total market cap of the crypto industry stands at $120.8 billion and it has been hovering around the mark for quite some and is showing remarkable stability which is not often associated with the crypto world.
At the time of press, the fourth largest cryptocurrency in terms of market cap is trading at $42.82, up by 2.29 percent and the total market cap stands at $2.58 billion. The digital asset has found support at $42.16 and the key resistance level stands at $44.72. If we take a closer look at the charts we’ll find that Litecoin will continue its growth and there will be a further development of the upward trend. Currently, the hourly RSI indicator stands at 64.8938 and the coin is fast approaching the overbought territory. The MACD shows that the coin is gain entering the bullish zone and the 100 EMA line shows an upward trend.
At the time of press, Litecoin is up by 2.34 percent and one LTC is equivalent to 0.01179073 BTC.
- Many critics feel that the main reason behind the current surge of Litecoin is the fact that the coin is exploring possibilities to implement the Mimblewimble protocol. The protocol offers confidential transactions and helps the blockchain achieve true scalability.
- Earlier in the month of January, Litecoin Founder, Charlie Lee tweeted that their upcoming plan is to make Litecoin more “fungible”. In order to do so, Lee stated that they will be focusing more on privacy features by looking to implement confidential transactions.
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