Litecoin [LTC] remains range bound as it breaches $32.62 key resistance: Technical Analysis
The cryptocurrency market seems to be in a state of relative calm which is in total contrast to the volatility associated with it. Bitcoin is still hovering around the $3450 mark and is way down the $4000 mark. It’s official now that this is the longest winter in short history of the crypto market. There has been very little change and movement in either direction and it seems like the lull before the storm, but which way it will go remains to be seen. The leader of the pack, Bitcoin is still moving around the $3450 mark and it is still struggling to reach the $4000 mark. The weekend was relatively kind to Ethereum, and it stayed above $105. LTC has been one of the top performing coins in the last seven days and its price has increased by 10 percent over the period. At the time of press, LTC is up by 1.23 percent and is trading at $34.27. the total market of the coin stands at $2.06 billion.
At the time of press, the cryptocurrency is range bound and is trading between the levels $0.30-$34. The support for the coin lies at $30.6500 and the coin is trading much above the support level. The coin has breached the key resistance level at $32.62 and is trading above it at $33.63. The Stochastic is above the 40% range which indicates that the crypto is in a bullish momentum and a buy signal. If we take a closer look at the chart, we will find that the bullish trend is terminated, and the price is expected to fall in the range. The hourly RSI indicator stands at 43.3388 which suggests that the coin is experiencing that the coin is experiencing high selling pressure in the market. The MACD shows a bullish trend and the 100 EMA line shows an upward trend.
At the time of print, LTC is down by 0.77 percent and one LTC is equivalent to 0.00988301 BTC.
In an interesting development last week, founder of Litecoin, Charlie Lee, in a recent tweet mentioned that their upcoming plan is to make Litecoin more “fungible”. In order to do so, Lee said that they will be focusing more on privacy features by looking to implement confidential transactions. The privacy-featured Litecoin will be allowing more privacy for the users when they’re spending or sending their Litecoin.
Earlier in January, LTC reached an important milestone. The altcoin announced that there are now 60 million LTC minted which constitutes 71.5 percent of the total LTC meant to exist.
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