The Litecoin (LTC) market, which seemed to be falling off a cliff following its most recent rally, is now recovering again. Litecoin is currently trading at around $72 after a 7% drop since last week.
As mentioned earlier in the week, LTC has seen exponential growth since the beginning of March, leading the current mini bull run with a massive 40% increase in price. It seemed the market was losing heat and prices could start to consolidate or even decline, but this week saw most coins rallying up again.
I expect the trend to continue upwards and to follow Bitcoin’s.
Looking at the chart above, the 20-day EMA has already crossed both the 50 and 200-day EMAs, and LTC is still trading above that support level, which sits at around $68. The 50-day EMA, which sits at around $58, is also showing strong support for consolidation above the 20-day EMA. Finally the 200-day EMA, which is sitting just above $56, is also showing signs of moving upwards.
Volume, on the other hand, has decreased substantially. At the time of writing, LTC volume across major exchanges is about $2.7 billion, whereas just a couple of weeks ago it was sitting close to $7 billion. Could thinner volumes mean buyers are back in charge? Unless there is a clear reversal, I would expect LTC to continue going upwards towards early April’s highs.
The altcoin market looks like it is on a clear downward trend, with lower highs since the boom in early April. Plus, volume-wise, it seems to be strongest between $28-$44 for Litecoin.
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the Top 10 cryptocurrencies by market capitalisation.
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