The month of January has seen some reshuffles in ranking for top assets. Litecoin and EOS particularly have been in a battle for the 7th position. Currently, Litecoin is leading with a small lead of $10 million and a market cap of $3.98 billion. There is no doubt, Litecoin is having a wonderful day, registering a growth rate of 2.83 percent in the past 24 hours.
On the hourly chart, a bullish breakout is all over, courtesy of various patterns that the coin has exhibited this month alone. Patterns show a positive inclination, showing a break away-another sign of a bull stronghold in the market. The most recent breach of the ascending pattern led to 12% increase in the past 24 hours. The result was a spike in prices from $62 to $70.
However, the price is yet to be corrected after the 12% hike. As per the Fibonacci Retracement Lines, a slump back to $66 will be the first retest target for Bitcoin’s silver counterpart which is valued at $64 at the moment. In the case a bullish momentum exhausts, we may likely see a drop to $62. On the other side, the 200 moving average has also changed to act as a support level for the price at the moment.
The Litecoin long term chart suggests that the current price navigation showdown is a representation of the 2019 Bull Run. 2019’s price hike registered a spike by 544%. While it is possible that last year’s rise was as a result of the pre-halving rally that lasted till June, could we be in line for the same?
There is reason to suggest that a repetition of the same may not surface in the current market. However, a bullish momentum could give room for Litecoin to breach its long term resistance at $79 in the coming days. On the other hand, the 100 moving average is reportedly strong enough to support Litecoin’s price. In this case, a breach below $50 is least likely.
Although Litecoin should face a correction in the next few days, it’s worth noting that the long term trend echoed the same momentum as last year. If the bulls persist and push through in their current rally, Litecoin might breach the $107.93 momentum at the start of April.
Litecoin vs Bitcoin
Litecoin witnessed a significant growth against bitcoin in the last 24 hours. A small rejection at 0.0075SAT was however experienced, Litecoin is now hovering at 0.00725SAT level with an approximate of 10%. The bulls however show interest. Expectations are high for the price to rise.