Litecoin (LTC) Up 8% In Last 24 Hours, The Biggest Gainer Out Of Top 20 Cryptos

Christian Encila

2 years ago

3 mins read

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As the market declined last week (and continues to do so), Litecoin was one of the few currencies to increase in value.

CoinGecko reports that the price of a single Litecoin is at $63.69 at the moment. The token is up 8% in the last 24 hours, giving traders and investors some sense of relief. Litecoin (LTC) thus pulled off a surprise, edging out the other cryptos in the top 20 list.

The alternative cryptocurrency that has been around for a while appears to be gaining popularity among investors.

Only 35% of LTC holders are profitable, per CoinMarketCap. The percentage of holders who would benefit monetarily from a sale at the current time is thus reduced.

While this rebound is encouraging, the current state of the market following the contagion that was FTX means that LTC may not be able to avoid more market declines despite the uptick.

Outlook For Litecoin Looks Favorable

As things stand, the market environment is very unfriendly for bulls. Despite the market decline, a few cryptocurrencies have managed to rise into the top 20.

The relative strength index (RSI) for LTC is rapidly approaching the oversold zone, indicating a sharp reversal from a bullish to a negative trend.

At its present level of $63.69, the price is still above the 38.20 percent Fibonacci retracement zone.

Chart: TradingView

On a 4-hour timeframe, however, RSI values are increasing, indicating a growing bullish momentum.

The current level of support is $61.81, which is a quite significant level of support given the present market conditions.

Currently, the market structure resembles a bullish descending triangle, with a likely bullish breakout around the $64.15 price level.

In addition to supporting a likely positive breakout, the expanding Bollinger band indicates volatility in the coming weeks.

As the bulls retest the $64.15 price resistance in the coming weeks, they should observe the market environment.

Long-term LTC investors appear to be selling, while long positions on LTC exceed short positions, according to CoinGlass.

With massive short liquidations occurring in LTC over the previous few days, this change in momentum is in stark contrast to present market conditions.

What To Anticipate With LTC

LTC appears to be moving against the market, diminishing or losing its link with BTC and ETH. As the scenario for Litecoin improves, bulls must be cognizant of the current unfavorable market conditions.

Defending the $61.31 support is sufficient to maintain LTC’s bullish momentum if it cannot breach the $64.15 resistance.

Crypto total market cap at $787 billion on the weekend chart | Featured image from ITNext, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.