- Litecoin is showing an incredible gain of 8.1% in the last 24 hours.
- LTC has now retaken $60 and is poised for $75 possibly soon.
- Some people believe that LTC’s bottom has been identified at $40.
Amid a short-term price recovery, some leading cryptocurrencies are now retaking previous support levels. Among these, Litecoin (LTC) is showing the highest gains.
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At the time of writing, LTC is changing hands at $59.66, an increase of 8.1% in the last 24 hours. This also translates to a gain of 4.9% in the last 7 days. In fact, LTC is currently worth $60.20 already on Binance.
Meanwhile, other frontrunners such as Bitcoin and Ethereum are only up by 1.6% and 4.2% since yesterday, respectively.
LTC/USDT 4-hour chart (source: TradingView)
As seen on the chart above, LTC price has been in a consolidation phase after crashing to $52. While this is not the lowest that LTC has reached since the start of 2022, things are now more optimistic for LTC fans.
With today’s 8.1% increase, LTC is now trading above the 50-day and 200-day Simple Moving Averages (SMAs). LTC bulls need to retake the $60 territory and flip it into support, as there are a lot of sell orders at this level.
Conversely, if the bears prevail this time around, LTC may find itself back at around $50-$52. This is also a strong support zone. In addition, the Relative Strength Index (RSI) indicates that LTC is almost oversold already.
Regardless, fans believe that the bottom is already in for the altcoin.
For a better perspective, LTC fell to as low as $40 this year, sometime this June. This is also the time when most cryptocurrencies suffered their greatest losses.
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