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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 09, 2024 06:27 UTC
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Litecoin Leads Altcoin Charge with 3.8% Surge; LTC Price Hits Multi-Week High
Litecoin's price recently exceeded $70 for the first time since January 22nd.
The trading volume is low, but isolated pumps can precede Bitcoin price increases.
However, it is unsure whether Litecoin's price increase is sustainable.
Litecoin, often dubbed the “Silver to Bitcoin’s Gold,” has caught the attention of traders with a noteworthy 3.8% surge, reaching $71.2—the highest since January 22, 2024.
As excitement builds, the question looms: Is Litecoin gearing up for a significant rally?
RSI Hits 2-Month High
Renowned blockchain analytics firm Santiment is closely monitoring Litecoin’s recent performance. While other altcoins grapple with challenges, Litecoin’s gentle surge hints at a potential bullish shift in market dynamics.
Litecoin’s climb above $71 is no small feat, marking a significant milestone and showcasing its resilience in an often tricky market.
Adding to the positive momentum, Litecoin’s Relative Strength Index (RSI) has hit a two-month high. An important indicator, the RSI suggests increased buying momentum and the potential for an upward price movement. However, concerns about sustainability linger due to low trading volume, as highlighted by Santiment.
While Litecoin enjoys its success, Santiment’s cautionary note prompts questions about the longevity of the surge, emphasizing the need for investors to stay vigilant.
Read More: Top 10 New Promising Altcoins For 100x Profits in 2024
Understanding the Market Impact
Santiment not only applauds Litecoin’s current success but speculates on its potential influence on the broader market. Historical trends suggest that when Litecoin performs well, Bitcoin often follows suit.
Examining the daily price chart reveals increased buying activity, with Litecoin maintaining demand around $71, fueling upward momentum. Despite resistance near $71.8, the psychological barrier of $80 poses a challenge for bulls, even with heightened on-chain activity.
Litecoin Price Outlook
Litecoin’s current trading price of $71.2 reflects a notable 3.88% surge in the last 24 hours. The substantial 35% increase in trading volume, now at $337.6 million, indicates a growing interest in Litecoin’s trading activity.
As Litecoin paints an optimistic picture, the crypto community eagerly awaits to see if this “Silver” can indeed lead a rally that could potentially influence the entire crypto market.
The stage is set. What do you think is next?
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