Litecoin & Bitcoin Cash Fuel Staggering $33 Billion Crypto Rally
LITECOIN (LTC) PRICE FORMS A BULLISH GOLDEN CROSS
The litecoin-to-dollar rate jumped 31.69 percent, according to a 24-hour adjusted timeframe. As of 18:30 UTC, the pair was trading at $93.77 after correcting 2.3 percent lower from its intraday high.
On CMC, the LTC-enabled pairs noted an adjusted volume worth $5.83 billion. On Yahoo Finance, the reported volume was much lower at $158.59 million.
Like BCH, LTC also entered its overbought RSI area to 87. But unlike BCH, LTC had a crucial technical indicator supporting its upside push. The Golden Cross, an event in which a short-term moving average goes above a long-term moving average, formed on the litecoin chart on March 10. That does not explain why the litecoin price spiked so abruptly, though. All the Golden Cross indicated was an upside push.
As of now, the litecoin price is testing $93.79 as its interim resistance, while setting its upside target towards $102.917. If the pair fails to break above them and pulls back, then the pressure to support the uptrend would fall upon a support area defined by $62.89 and $68.98. They acted as strong resistance during the cryptocurrency’s uptrend.
Disclosure: The author holds bitcoin cash and litecoin.
