Litecoin targets the $70 resistance level again after adding 7% to its value

Litecoin targets the $70 resistance level again after adding 7% to its value

By Hassan Maishera - min read

Litecoin is outperforming the other major cryptocurrencies so far today and is up by more than 7% in the last 24 hours.

LTC, the native coin of the Litecoin blockchain, is up by more than 7% in the last 24 hours. The coin is currently the best performer amongst the top 100 cryptocurrencies by market cap. At press time, the price of Litecoin stands at $62.15. 

There is no catalyst behind LTC’s ongoing positive performance. The rally comes as the broader crypto market embarks on its recovery after underperforming in the last two days.

The total cryptocurrency market cap stands above $835 billion, up by less than 1% in the last 24 hours. This latest cryptocurrency news comes as Bitcoin attempts to move past the $17k resistance level after rising by roughly 2% today. Ether currently stands at $1,218, up by more than 1% in the previous 24 hours.

Key levels to watch

The LTC/USD 4-hour chart is bullish, as Litecoin has been performing well over the last 24 hours. The technical indicators show that LTC is outperforming the broader cryptocurrency market.

The MACD line crossed into the positive zone a few hours ago, indicating that the bulls have regained control of the Litecoin market.

The 14-day relative strength index stands at 61. If the positive performance continues, LTC could enter the overbought region over the next few hours or days.

If the bullish momentum continues, LTC could move past the first major resistance level at $69.04 before the end of the day.

In the event of an extended bullish performance, Litecoin could surpass the $75 resistance level for the first time this month. However, it would need the support of the broader crypto market to reach that level.

The market is not completely bullish, which means the bears could still regain control. If that happens, LTC could slip below the $57 support level over the weekend. 

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