Key Insights
- The crypto market is recovering, and Litecoin is leading the charge.
- Litecoin has been bullish from daily, weekly, and monthly perspectives.
- Litecoin is up by 9% from a daily perspective and by 16% from a weekly perspective.
Litecoin is up once again. The crypto market is now reaching new stages of recovery as of this week. Several cryptocurrencies across the market are starting to flash green once again on their daily and weekly timeframes.
Bitcoin has successfully broken through the $17,000 resistance and is now consolidating around $17,300 at the time of writing, Ethereum is also very close to breaching the $1,300 zone and is testing support around $1,297.
However, in the middle of the greens, the gains of several cryptocurrencies stand out. And one of these cryptocurrencies is Litecoin.
Litecoin, the so-called digital silver, is up by a whopping 9% from a daily perspective and by 16% from a weekly perspective.
The same can be said for the cryptocurrency’s performance over the last month. According to data from CoinMarketCap, Litecoin is up by almost 90% over the last 30 days after rising from a low of $48.8 to the $83 zone where it now sits.
But why has Litecoin been enjoying extraordinary success compared to the rest of the crypto market, and what does Litecoin’s newfound bullishness have in store for its traders and investors?
Litecoin’s Number of Addresses Soar
According to a tweet from Santiment, the crypto analytics platform, the number of wallet addresses on the Litecoin network is steadily increasing.
Santiment notes that the total has increased so far from the start of the year, from about 117 million wallets to 162 million LTC wallets.
In the charts, however, Litecoin has displayed considerable strength against all odds.
After sinking to the $8.8 low when the FTX tragedy struck, the Litecoin bulls immediately swung into action, pushing the cryptocurrency up from $48.8 toward the $73 resistance in three weeks.
After a brief consolidation around this $73 zone, the bulls won against the bears, pushing the cryptocurrency above this resistance and hitting the $83 zone.
Litecoin has recently broken it’s initial weekly high and is now trending upward toward the $90 zone or beyond.
At the time of writing, the cryptocurrency faces resistance at the $83 zone as its bulls try to push the price of $LTC toward the next price target around the $89 – $90 zone.
Litecoin (LTC) Price Action
The trading volume of the cryptocurrency has been in a perpetual spike since it crossed the $60 zone, allowing the Litecoin bulls to leave the bears in the dust.
On the daily chart, the cryptocurrency’s RSI is now starting to test the overbought zone, which may signal that a slight consolidation is about to happen.
However, the MACD on the Litecoin chart shows considerable strength on the part of the bulls.
Overall, the market remains confident that if the consolidation on Litecoin happens, the bulls will have few problems with retaking control from the bears.
Conversely, the ultimate indication that the bears have taken control of the market would be if the cryptocurrency falls below the $73 zone again for some reason.
If the bulls retain control of the market and continue to push the price of the cryptocurrency higher, the next price targets are the $89, $95, and $100 zones.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
