Litecoin Climbs 7% at the Same Time BTC Reaching $9,000
The 7th biggest cryptocurrency by market cap, the Litecoin (LTC), is yet to find a clean crossover. At the same time, most top cryptocurrencies recently made fresh monthly highs. Currently, the LTC price is trading at a key resistance of $47.68 after seeing a 7% boost in a day.
Aside from that, LTC might be experiencing some difficulties at this monthly resistance. However, the future look to be very promising for buyers if the price breaks through.
In the 4-hour chart, $39.6 Litecoin is targeting the upper boundary of the channel. And this was after a sharp rebound from the channel’s support of $39.6 on April 20.
If LTC successfully overcomes the current resistance, they can expect the price to rally upward. But, LTC might pull back to the channel’s support if the said resistance further poses a threat to the bulls.
Then, a transparent cross over the immediate yellow resistance at $47.68 must confirm a powerful buying pressure to the following yellow resistance at $51. They can see the resistance over this level at $55, around the channel’s upper boundary.
In case the price continues to struggle under this holding resistance, Litecoin might search for another close support around $45.5 – last week’s high.
After that, if the support fails to give a rebound level, the price will fall lower to $43.4 – the weekly low. Then, the support after this will be at the blue demand area of 39.6, right beneath the channel.
Litecoin, against Bitcoin (BTC), continued to trend in a downward spiral following a loss of momentum in February. And this led to a massive market crash in March. With this, the price is trading near a key support level at 0.005575 BTC recently.
In this support, LTC might recover if the bulls can act on this level. On the other hand, if it can’t, the price may drop in the hands of the bears as March low might arrive into play once more.
Meanwhile, Bitcoin breached $9,000. Thus, it boasts a tremendous recovery, putting the stock market in the shade.
BTC currently broke past $9,000. Then, this price recovery far outpaced the Dow Jones Industrial Average, or Dow – one of the mainstream market’s key barometers.
Since its bottom to almost $3,850 on March 13, Bitcoin has climbed to over 130% in price. And at its recent price high near $24,750, the Dow has only risen about 36% since its March 23 low near $18,210.
In 2020, BTC once again became the best performing asset.
Also, U.S. coronavirus prevention measures took over in the first half of March. And business shut down, and citizens stayed at home. With that, Bitcoin has declined by over 50% between March 12 and 13, shooting down near $3,850 on several exchanges.
Furthermore, mainstream markets also plummeted massively, including a 10% dive from the Dow. The Dow further posts a number of subsequent red days after March 12, hitting its most recent bottom on March 23.
Contrarily, March 13 proved itself as the most recent bottom for Bitcoin. The asset has shaped out an excellent recovery ever since.
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