LTC rallies $7.13 (11.62%) deep into the session, trading at $68.53.
Trend-focused traders would be interested to note that Litecoin made an initial breakout above its 5 day Simple Moving Average at $61.69, a potential indicator of a newly emerging bullish phase. Litecoin failed to break through the $69.24 Fibonacci resistance level. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $71.13, thereby suggesting that LTC is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that Litecoin broke through the $63.63 resistance, climbing $4.9 above it.
With market volatility ebbing, the current technical outlook indicates Litecoin will remain range-bound for the immediate future.
Other markets are also showing gains as Chainlink USD is up 8.11%. Having closed the previous session at $103.29, Bitcoin Cash is up 5.4% today to currently trade at around $108.87. MaticNetwork USD goes up 6.7% to trade around $0.85.
Litecoin reached a significant high of $223.25 around 11 months ago but has lost 72.5% since then. LTC is currently trading with a market cap of 4.91 billion with an average daily volume of 99.87 million.