Litecoin breaks $100 resistance for the first time in a year
Despite the continuous surge of Bitcoin’s price, Litecoin (LTC) is still leading the way when it comes to percentage increase in price for the week.
Within seven days, litecoin has increased by nearly 45%, making it one of the best performing cryptocurrencies this week, above Bitcoin (BTC) and Ethereum (ETH). Meanwhile, LTC addresses have also risen to over 60 million, after a steady growth since 2018.
But the technical outlook and trading volume are heading in the bullish direction, the on-chain metrics sill shows overbought conditions.
The past 3 days have seen a strong increase in litecoin, ripple, Ethereum, and Bitcoin against the US Dollar. However, the LTC price seems to do better than others, with a major support base forming at $72 before another round of upsurge.
The $80 resistance for litecoin has been standing for close to a year. But LTC broke the ressientance this week and went above $100 for the first time.
And there is still indication that the LTB/BTC and LTC/USD pairs will be moving in the upward direction towards higher resistance levels in the next couple of days.
The next closest resistance area is at $145 and observers think it could reach that level sooner rather than later if the bullish trend continues.
A result of Bitcoin’s all-time-high performance
The 43.8% rise in litecoin’s price within a week is likely a result of the liquidity flow generated by Bitcoin’s all-time-high performance as well as increased bullish expectation in the market.
Apart from outperforming Bitcoin and Ethereum, Litecoin also toppled every other top-50 cryptos when it comes to seven days gain. Only SwissBorg, Elrond, and Chimpion outperformed Litecoin within the week. The long-term trading volume growth may also be another reason the coin is surging so fast.
Last month, the coin’s trading volume became almost twice its trading volume in August last year. The trading volume growth is a big indication there is massive liquidity in the market.
Source: invezz.com; cointelegraph.com