Litecoin’s price is up 15% in the past 24 hours.
The daily RSI suggests that LTC is facing selling pressure.
In a bearish ride recently faced, where altcoins are facing a heavy dump, Litecoin is telling a different story. Despite hitting an 11-month low of $56.86 six days ago, Litecoin has recovered to $69.32 today. Litecoin is up 2% in the past 24 hours, with trading volume increasing by 39%.
Notably, in the past week, Litecoin has risen by 15%. According to IntoTheBlock, Litecoin processes $2.85 billion in transactions over $100k daily on average, which is over 50% of its market cap. This figure surpasses most Layer 1s. For instance, Dogecoin handles $590 million in large transactions, despite having roughly three times it’s market cap.
Moreover, Analysts are bullish, noting that Litecoin has attracted more speculative investors. The network offers deep liquidity and faster transactions. They believe it is well-positioned to surpass its all-time high in this cycle, after underperforming in previous ones.
LTC To Surge Past $75?
A closer look at Litecoin’s recent price movements reveals an underlying bullish trend on the daily chart. The 9-day exponential moving average (EMA) is recorded below the trading price at $67.25, further emphasizing the bullish sentiment. The daily Relative Strength Index (RSI) has hovered around oversold levels recently.
LTC Price Chart, Source: Santiment
If the price breaks through the $70 resistance level, it could test the $76 resistance. Conversely, a drop below the $64 support level might see it testing the critical $57 level.
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