Skip to main content

Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday

Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.

Litecoin (LTC)

Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.

LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.

The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.

Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.

As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.

Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.

Ethereum Classic (ETC)

In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.

Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.

This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.

At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.

Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/s1dHeNO
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more