Litecoin Price on the Rise
If you’ve been keeping an eye on Litecoin, you may have noticed that it is currently up 3.8%, reaching $71.2 for the first time since January. The “Silver to Bitcoin’s Gold” token has shown its strength while other altcoins fall short.
RSI Hits 2-Month High
According to a report from Santiment, while other altcoins are facing challenges, Litecoin’s surge above $71 is a significant milestone. Notably, the Relative Strength Index (RSI) has hit a two-month high, a positive sign indicating increased buying momentum and potential upward price movement.
Trading Volume Dilemma
Despite Litecoin’s impressive performance, there are concerns about the sustainability of the rally due to low trading volume. However, Santiment suggests that monitoring Litecoin closely is important, as its isolated pumps can act as early indicators for broader market movements, especially with Bitcoin.
Litecoin Price Outlook
Currently, Litecoin is trading at $71.2, with a 3.88% increase in the last 24 hours and a substantial 35% increase in trading volume. Despite this positive momentum, resistance near $71.8 and the psychological barrier of $80 pose challenges for bulls.
Hot Take
Litecoin’s recent surge and high RSI could be indicative of a broader market movement, potentially impacting the price of Bitcoin. Keep a close watch on Litecoin’s trading activity to stay ahead of the curve.
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