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Can Litecoin beat the competition?

The main crypto currencies are green and over the critical levels of support

Major crypto currencies rebounded on Wednesday morning in Asia after losing their position in the first two trading days this week. Russia again caught the attention of traders after the country’s parliament passed a bill to move closer to the formulation of national crypto legislation.

If we look at the crypto market, the rally on Tuesday marked a rise in market capitalization to $ 133 billion, an increase of $ 8 billion. It seems partly that volatility returns after a week’s consolidation in a narrow range.

Litecoin was the best-performing crypto curency of the da

The fifth largest coin, with a market value of $ 3.2 billion, gained over 13% yesterday, amid intense interest in purchases. For Litecoin, the news of this summers’s halving and the new features that need to be introduced certainly helped the price.

While the LTC/USD retreated within a healthy correction, the pair still moves in upside trend and stays above all daily SMA levels. Litecoin broke the main resistance levels on Tuesday to reach its highest price since 8 November.

The next short-term bullish target is the psychological round level of $ 54.00. A clear breakthrough over it can send the coin up to retest the recent high $ 54.63. And why not go to the next resistance at $ 55.00.

On the downside, a convincing move below $ 50.00 would have to silence bulls and create favorable conditions for further correction to the $ 47.60 – $ 47.15 area. This region may be a strong support as SMA50 and SMA100 merge on 4-hour chart.

It seems that some investors really support their faith in Litecoin

2019 year is a very nice to a handful of crypto currencies, tokens and assets so far. Although this does not necessarily refer to the markets most people would expect, the Litecoin holders will be quite pleased with the way things are going on recently. Yesterday is another example of why this project deserves to be watched, as the LTC notes some incredibly solid profits in a rapid sequence.

Litecoin is now priced at $ 52.66. And there is also a near 10% gain over Bitcoin, which pushes the coins ratio to 0.01357 BTC. In this way, I would say that Litecoin is ashamed of some of its competitors.

With regard to future price predictions, keep in mind that one good trading day in March is not equal to a nine-month bullish rally by default.

But when we look at the current price chart, we do not seem to have so much resistance at the moment. This is quite intriguing for many different reasons. If people do not place sales orders, they either wait for a higher price or soon plan to jump into opening buying orders. Both outcome will be quite interesting, so keep an eye on Litecoin.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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