After an incredibly positive week for Litecoin (LTC), it has been able to continue its upwards price surge today and is one of the few major cryptocurrencies that has surged during an overall quiet trading session in the crypto markets.
Today’s upwards move has brought LTC to the top of its resistance region, and a break above this level could lead to a significantly further price surge.
Litecoin Price Surges During Quiet Trading Session
At the time of writing, Litecoin (LTC) is trading up over 7% at its current price of $46.8. LTC is up significantly from its weekly lows of $32, which were set earlier last week before the cryptocurrency began climbing.
Instinct, a popular cryptocurrency trader on Twitter, spoke about LTC’s recent price surge, noting that it is now pushing up against another resistance level.
“$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level… Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now,” he explained.
$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level.
Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now! pic.twitter.com/htqFMBPomH
— Instinct (@instinctmarkets) February 10, 2019
Litecoin (LTC) Nears Weekly Resistance Level
Although today’s upwards surge is certainly positive for LTC, it still has a ways to go before it pushes against its major weekly resistance level.
SalsaTekila, another popular cryptocurrency analyst on Twitter, noted that Litecoin’s strong weekly resistance level currently lies around 0.0165 BTC, up slightly from LTC’s current price of 0.0128 BTC.
“$LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top.”
/5 $LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top. pic.twitter.com/tZZZYzZC5c
— SalsaTekila (@SalsaTekila) February 9, 2019
Other Cryptocurrencies Experience Mixed Trading Session
Although LTC is surging today, most cryptocurrencies are trading mixed today.
At the time of writing, Ethereum is trading down marginally at its current price of $118.65. ETH is up significantly from its weekly lows of $103 and has established the low-$100 region as a strong level of support.
XRP has dropped over 1% today and is currently trading at just above $0.30. XRP has historically treated $0.28 as a region of support, which is slightly above its 2018 low of $0.25.
Bitcoin Cash is one of today’s worst performing cryptocurrencies, as it is trading down 2.3% at its current price of $123.86. However, BCH is still up from its weekly lows of $112.
Featured image from Shutterstock.
