Amid a short-term price recovery, some leading cryptocurrencies are now retaking previous support levels. Among these, Litecoin (LTC) is showing the highest gains.
Read CRYPTONEWSLAND onAt 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.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
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