- Litecoin investors saw a jump in the last two trading sessions, yet the price remains in a range bound range.
- Trading volumes suggest extreme volatility in LTC as volumes were reported overnight at $1.6 billion.
- The market cap rose 14.7% to $4.45 billion in the last 24 hours.
Litecoin – one of the first cryptocurrency created after bitcoin – is struggling to rid its dominance from the hands of bears. Due to the collapse of FTX, the crypto market collapsed and major digital currencies fell by over 15%. Bitcoin recorded a 24-month low of $15,500 and left the region with a loss of $200 billion.
The overall crypto market capitalization was seen below the low of $800 billion, this sharp recovery spoiled the entire gains of the recent price recovery. Litecoin is holding a support level of $50 despite bitcoin’s latest low. LTC seems less bearish than the major weaker altcoins. Even the bears were aiming to reach the $40 low but they were only disappointed.
The correlation between Litecoin and Bitcoin stays at 0.35 level as per Correlation Coefficient. Therefore, buyers successfully kept value above key support of $50. At the time of writing, LTC crypto along with USDT pair is up by 1.68% in intraday session while price stays at $61.7 at press time.
Although, buyers have maintained a positive market since last night. Thus market capitalization increased 14.7% in the last 24 hours at $4.45 Billion. Undoubtedly, Trading volume suggests extreme volatility in LTC as volume reported at $1.6 Billion overnight.
In terms of the daily price scale, asset value stays above the mid-band of Bollinger Band indicator. Later the price rebound, near $70 zone buyers may get higher price rejection by sellers. Although, Stoch RSI continues to be spotted at oversold zone, no positive sign yet.
Conclusion
Bitcoin appears in the recovery phase and thus the crypto market turns up. As of now, LTC crypto is still range-bound and due to price rise, buyers aim to propel digital assets until $70-support level.
Support level – $50 and $40
Resistance level – $70 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/11/litecoin-less-vulnerable-than-other-cryptos-buyers-aim-to-reach-100-in-november/