Litecoin’s Relative Strength Index (RSI) Surges to Highest Level in 2 Months, Leading to a $71 Rally, While Other Alternative Coins Face Challenges.
The value of Litecoin has captured the attention of traders, as it has shown strength in the market while other alternative cryptocurrencies have fallen short. Currently, LTC is up 3.8% and is hovering at $71.2, reaching this price for the first time since January 22, 2024.
Renowned blockchain analytics company Santiment has reported that while other alternative cryptocurrencies are facing challenges, Litecoin has experienced a mild surge, indicating a bullish shift in market dynamics.
Litecoin’s surge above $71 is a significant milestone, especially considering it hasn’t reached this level since January 22nd. Additionally, Litecoin’s Relative Strength Index (RSI) has reached a two-month high. The RSI is an important indicator in technical analysis, reflecting the extent of recent price changes to assess overbought or oversold conditions. A two-month high in RSI often suggests increased buying momentum and potential upward price movement.
However, Santiment’s report highlights the concern of low trading volume, raising questions about the sustainability of Litecoin’s current upward trajectory. Despite this, Santiment emphasizes the importance of closely monitoring Litecoin, as isolated surges in specific assets can often serve as early indicators for broader market movements, especially with Bitcoin. In the past, when Litecoin performed well, Bitcoin often followed suit.
Taking a closer look at the daily price chart, ongoing buying activity is evident as Litecoin meets demand around $71, igniting upward momentum. Despite facing resistance near $71.8, the psychological barrier of $80 proves to be a challenge for bulls, despite an increase in on-chain activity.
Currently trading at $71.2, Litecoin has experienced a notable surge of 3.88% in the last 24 hours. Furthermore, the trading volume has increased by 35%, reaching $337.6 million, indicating a growing interest in trading activity.