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Litecoin price has been on every trader’s radar as the “Silver to Bitcoin’s Gold” token has displayed strength in the market while other altcoins fell short. As of now, LTC is up 3.8% hovering at $71.2 for the first time since 22 January 2024.
RSI Hits 2-Month High
Renowned blockchain analytics firm Santiment reports that while other altcoins grapple with challenges, Litecoin has experienced a mild surge, hinting at a bullish shift in market dynamics.
⚡️📈 #Litecoin has had a mild emergence, rebounding back above $70 for the first time since January 22nd. For now, trading volume is rather dormant for the #19 ranked market cap asset. But monitor $LTC, as isolated pumps are often predecessors for $BTC. https://t.co/xViUwnLeOt pic.twitter.com/BO8u1moQNN
— Santiment (@santimentfeed) February 9, 2024
Litecoin’s surge above $71 marks a significant milestone, especially considering it hasn’t reached this level since January 22nd.
Adding to the bullish sentiment, Litecoin’s Relative Strength Index (RSI) has surged to a two-month high. The RSI is a crucial indicator in technical analysis, reflecting the magnitude of recent price changes to evaluate overbought or oversold conditions. A two-month high in RSI often suggests increased buying momentum and potential upward price movement.
Trading Volume Dilemma
Further Santiment’s report brings attention to Litecoin’s impressive performance while raising concerns about the sustainability of the rally due to low trading volume. This prompts questions about the longevity of Litecoin’s current upward trajectory.
However, Santiment emphasizes the importance of closely monitoring Litecoin (LTC), stating that such isolated pumps in specific assets can often act as early indicators for broader market movements, especially with Bitcoin.
Santiment’s report hints that Litecoin’s good performance could be a sign of good things for Bitcoin too. In the past, when Litecoin did well, Bitcoin often followed.
Litecoin Price Outlook
A closer look at the daily price chart reveals ongoing buying activity as Litecoin meets demand around $71, sparking upward momentum. Despite facing resistance near $71.8, the psychological barrier of $80 proves challenging for bulls, despite a surge in on-chain activity.
With Litecoin (LTC) currently trading at $71.2, there has been a notable surge of 3.88% in the last 24 hours. Moreover, the substantial 35% increase in trading volume, now standing at $337.6 million, indicates a growing interest in trading activity.