Litecoin (LTC) is putting on a show today due to the hard work and efforts of the #PayWithLitecoin twitter team. Litecoin is the fifth-largest by total value.
Avid Tweeters are propelling the price upwards with their determination to get Litecoin recognised as a true player for big and small brand adoption.
One such Twitter personality @Litecoindad has been extremely active in the campaign to send Litecoin to the moon.
— Łitecoin Dad™ (@litecoindad) February 3, 2018
The cryptocurrency was last seen changing hands at $216, a one-month high, according to data service CoinMarketCap. Overall, LTC has appreciated by 29 percent in the last 36 hours, up over 100 percent from the Feb. 6 low of $106.94. Further, with the move, litecoin’s market capitalization has jumped above $10 billion for the first time since Jan. 29.
LTC appears to be edging higher due to the immense group effort of the whole Litecoin community and the technical charts indicate these group efforts may be enough to extend a rally.
The above chart (prices as per Coinbase) shows:
- LTC has breached the falling trendline resistance on the back of a sharp rise in volumes. A high volume breakout indicates the rally is here to stay.
- Short-term momentum studies indicate bullish setup: 5-day MA and 10-day MA are curled up in favor of the bulls.
- The relative strength index (RSI) is above 50.00 (in the bullish territory) and on the rise, indicating scope for further gains in LTC.
- Meanwhile, 50-day MA is sloping downwards in favor of the bears.
- A close today (as per UTC) above the trendline hurdle would signal bearish-to-bullish trend change and allow for a stronger rally towards $300.
- The RSI on the 1-hour and 4-hour chart shows overbought conditions, hence a minor pullback could be seen. That said, the dip would be short-lived as short-term momentum studies are biased bullish.
- Only a daily close (as per UTC) below $142.26 (Feb. 11 low) would signal bullish invalidation.