Litecoin [LTC] shows signs of a new rally: Technical Analysis
A look at the Litecoin [LTC] chart gives us the complete picture. While the bearish trend continues to rule the market, Litecoin [LTC] has managed to hold on and is currently trading at $30.09. After witnessing a brief rally which saw the total market cap reach the $135 billion mark last week, it’s back to business as usual with the total market cap hovering around the $127 billion mark, with most of the leading coins trading in the red.
At the time of writing the coin is trading above the support level of $23.4710 and is well below the resistance level of $36.777. The graph shows that the price hit the resistance level and then retraced. The MACD shows a bullish trend with some momentum building. A look at the daily chart shows that the price started to rally after a prolonged period of bullish divergence. The RSI indicator which is at $43.2116 is showing high selling pressure. In the last 24 hrs, the coin has lost nearly 2.56 percent and is currently trading at $30.09.
At the time of print, the coin has lost 2.28 percent in the last 24 hrs and one LTC can purchase 0.007936 BTC.
In an interesting development last week, BTC.com, multi-cryptocurrency mining pool, announced support for Litecoin (LTC) mining. The mining pool has been offering ETH/ETC mining since August 30, 2018, and since September 28, 2018, it’s offering DCR mining. Litecoin has around 84 million units, new blocks are mined every 2.5 minutes. Currently, Litecoin [LTC] is at number 8 in total market cap with a volume (24 hrs) around $451 million, according to CoinMarketCap.
Earlier this year in October, SALT, also known as Secured Automated Lending Technology platform that use blockchain to secure loans, announced the inclusion of Litecoin [LTC]. The differentiating factor that sets SALT apart from the rest is the fact that it is the top liquidity provider for the large-scale virtual currency investors.
Image via Shutterstock
Join our Telegram group