Litecoin records biggest gains as crypto market gets optimistic with PayPal adoption news
Litecoin (LTC) is trading higher in the day, jumping over 14% in the last 24 hours. Litecoin’s bullish momentum accelerated after an initial peak of 11% soon after payment processing company PayPal announced its support for cryptomorphs.
Cryptomoeda has overcome several obstacles, climbing from a low of $46 to a high near $56.50.
The price of the LTC against the US dollar is currently around $55.50, up 5% on the day and over 18% in the previous session. Overall, the price of Litecoin has risen 14% in the last 24 hours. The LTC is also performing well against the BTC, with the pair up over 9% in the last 24 hours.
According to Asset Dash, a platform that tracks and ranks global assets by market capitalization, Litecoin’s $3.66 billion valuation pushed it to 71 positions at 1,306 globally. CoinMarketCap ranks LTC as the eighth largest cryptomeda behind ChainLink, which has a market value of $4.3 billion at the time of writing.
Technical Analysis: LTC/USD
The daily chart sees the LTC/USD pair trading above the simple Bitcoin Code moving averages of 50 and 100 days. This is the first time the pair has been traded above the moving average in over a month. If the bulls maintain these levels, the bullish trend will likely take the pair above $60.
Daily Chart LTC/USD. Source: TradingView
The outlook over this time period suggests that slight resistance is expected at $59.42. The area is close to the 78.6% Fib retracement level of the swing low, from $62.87 high to $44.63 low. A breakout above this area highlights the next hurdle around $64.79.
The MACD level (12, 26) is flashing buy signals at 0.94, but the RSI is currently trending inside the neutral zone. This suggests that while the bulls maintain the advantage, the short term picture may involve a pullback to prices below $55.
LTC/USD 4-hour chart. Source:TradingView
On the 4-hour chart, the RSI is trending higher, but has not yet extended too far. If this happens, it is likely to get in the way of bulls‘ plans as prices fall to accommodate an influx of selling pressure. However, MACD is still optimistic, indicating that any potential retreat into the LTC/USD pair may not be catastrophic for the bulls‘ plans.
If bears establish a firm position, healthy support around SMA50 and SMA100 levels suggests that bulls may still be strong enough to withstand the downward pressure.