Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.
Litecoin (LTC)
Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.
LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.
The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.
Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.
As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.
Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.
Ethereum Classic (ETC)
In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.
Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.
This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.
At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.
Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Credit: Source link
