As mentioned earlier in the week, Litecoin (LTC) has seen exponential growth since the beginning of March, leading a mini bull run with a massive 40% increase in price. However, the overall markets cooled off during April following bearish news about Bitfinex being insolvent and Binance’s 7,000 BTC hack.
Now it seems that Litecoin is once again on the up following the positive movements of the rest of the market. At the time of writing, LTC is trading at around $99 after reaching a new yearly high above $105.
Although Litecoin has been underperforming recently compared to other altcoins, we shouldn’t forget LTC has been on a bull run since March – and it hasn’t stopped yet.
Since last week, LTC has gained close to 20%, which is quite an amazing achievement from a coin that was trading at around $30 in January 2019. Fundamentals remain strong as LTC’s adoption keeps rising due to small fees and faster block times.
LTC is the only coin that is bullish by the book: the 20-day EMA is above the 50-day EMA, which is above the 200-day EMA. Plus, volumes are quite high around key levels, way above $90. I see LTC support being around $89 and $73, while resistance remains around the $100 level.
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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