Litecooin saw a significant rebound today, allowing the price of the cryptocurrency to sail above the $100 level. Litecoin has increased by a total of 14% over the past 24 hours of trading, bringing the price up to $101.83. The cryptocurrency has now seen a price hike of 30% over the past 30 days and a further 103% price increase over the past 90 trading days.
At press time, Litecoin is trading at the 2019 high day close price of $101 and currently faces strong resistance. The crypto asset is now ranked 5th among the top cryptocurrency market cap rankings, holding a $6.24 billion market cap value on CoinMarketCap at time of publication.
Looking at the LTC/USD 1-Day Chart:
- Against USD, we can see Litecoin has now surged into resistance at the $101 level, provided by a long term bearish .5 Fibonacci Retracement level.
- From above: The nearest level of resistance lies at $101. If buyers can continue to climb higher, the next level of resistance is at $110, which the market has not seen since June 2018. Above $110, further resistance lies at $119 and $125.
- From below: The nearest level of support now sits at $100. Beneath $100, further support lies at $97.18, $90, $87.81, $82.97 and $80.
- Trading volume has started to increase over the past 24 hours.
- The Stochastic RSI is approaching oversold territory, suggesting that the market may be ready to continue higher. Furthermore, the RSI has rebounded above the 50 level, which shows buyers are still in control of market momentum.
Looking at the LTC/BTC 1-Day Chart:
- Against Bitcoin, we can see Litecoin has fallen significantly from the high of 0.01826 BTC, set in April 2019. LTC/BTC has fallen into support at 0.01128 BTC, provided by the short term .618 Fibonacci Retracement level.
- From above: The nearest level of resistance lies at 0.126 BTC, where LTC/BTC currently trades at press time. Above this, further resistance exists at 0.0135 BTC, 0.014 BTC , 0.0145 BTC and 0.015 BTC. If buying continues above 0.015 BTC, further resistance above sits at 0.01550 BTC and 0.016 BTC.
- From below: The nearest level of support now lies at 0.01198 BTC and 0.01128 BTC. Beneath this, further support lies at 0.011 BTC and 0.0106 BTC.
- Trading volume also has increased significantly over the past 24 hours.
- The RSI has managed to climb back above the 50 level to indicate bulls have retaken control of market momentum.
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