Litecoin (LTC) Grows Over 20% In The Past Day As Golden Cross Forms, Prepare For $100 Bulls!

  • Litecoin (LTC) grows over 20% in the past 24 hours breaching above weekly key resistance at $67.00 USD.
  • Bulls targeting the $100 USD mark as interest in altcoin keeps rising.

The market is showing major movements again and this time Litecoin (LTC) is the coin to watch after a massive 10% gain in the past 24 hours. The seventh placed cryptocurrency in market capitalization becomes the latest asset in the top ten to gain double digits in a day over the past month with Bitcoin (BTC), Ripple (XRP) and Binance Coin (BNB) the only absentees.

LTC/USD soars by 18% in the past 24 hours

LTC is currently changing hands at $67.98 USD, representing a sharp 18.34% from intraday lows, as bulls rage on in a rising market, which has been consistently bullish in the past few days. The spike saw the price breach key resistance at $65.00 USD, as the daily Elliot Wave Oscillator turned green for the first time since late December.

Image: TradingView

At its very height the price of LTC/USD reached a 20% increase as the price rapidly soared to intraday highs of $70.21 USD in the late trading hours in the Asian market. Litecoin currently places above EOS, Binance Coin and Ethereum Classic on the seventh position with a total market capitalization of $4.3 billion USD.

LTC/USD bulls targeting $100 USD as golden cross forms

Looking at the daily charts, LTC/USD moving average convergence divergence (MACD) has formed a golden cross signaling a possible extension of the bullish run. Top altcoins have been on a crazy run since the start of 2020, leading to some analysts concluding the market has effectively ended its two-year long bearish trend.

Weekly LTC USD charts Source: TradingView

On the longer term charts, LTC/USD is further showing possibilities of breaking above key psychological resistance at $100 USD. Being up almost 100% since December lows and LTC witnessing rising daily trading volumes, a bullish stance seems a solid bet. Can the rising interest in altcoins and Bitcoin’s upcoming halving have the desired effect on LTC?

A cautious moment – bearish signals?

Well, the spiking relative strength index (RSI) to overbought levels (currently oscillating at 73.84) shows you should be cautious in trading the pair as a short dip may occur before a continuation of the uptrend.

Furthermore, there are skeptics who believe the crypto is yet to show its potential – except as a speculative asset, or not.

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