litecoin [LTC] 5% increase after the World Crypto conference: technical analysis

The start of the month brought a bullish wave to the collective cryptocurrency market, with a recovery that began on November 1st and will continue throughout the weekend. Market capitalization has exceeded the $ 210 billion mark for the first time since mid-October and is around $ 212 billion. An important boost to the cryptography market was the World Cryptomurrency Conference held last weekend, which involved important crypto-influencers. One of them was Charlie Lee, also known as Satoshi Lite, the creator of Litecoin [LTC].

After the appearance of Charlie Lee at the World Crypto Con and as a guest of the Podcast not confirmed by Laura Shin, Litecoin's price has increased 5% since the weekend. Lee announces the rise of Bitcoin and states that a variety of encryption purchase options is the next step to increase adoption, cites examples of Fidelity and the Intercontinental Exchange, the entry of the New York Stock Exchange (NTSE) with Bakkt and continuing discussions regarding the Bitcoin ETF.

Lee recognized the nascent nature of the cryptic world but is confident for the future "It has not really achieved much adoption in terms of people using it. We definitely went far – there's work on second-level solutions, more scalability, more privacy, and I'm happy to see how much we've done over the last 10 years, but there's certainly a lot of work ahead of us."

LTC / USD

The key support level for the currency is $ 52.33, which the currency passed on November 1, at the start of this positive spree. The key resistance level of the currency is $ 55.46, which the currency has not yet managed to beat, but it is hovering far below. The MACD line indicates that the currency is enjoying a bullish phase, facing downwards, while the 100 EMA line shows an uptrend.

Given Charlie Lee's push, not just for his own currency, but for the collective cryptographic market, investors are confident of LTC and are buying it in large areas. The RSI of the currency had reached 85.54 and has since fallen to 51.71. The trading range exhibited by the currency is $ 53.174- $ 55.119, with the coin moving to the lower end. At the time of printing, the currency increased by 4.86% and is priced at $ 54.64.

LTC / BTC

The virtual currency has exceeded a growing Bitcoin [BTC] 2.98% and is currently valued at 0.00825787 BTC.

Market capitalization

Litecoin's market capitalization was less than $ 3 billion before the start of November and increased over $ 300 million in the last five days. The $ 3 billion milestone was discontinued at 1300 UTC on Friday and market capitalization stabilized for 24 hours followed by a significant increase. At 0600 UTC on 4 November, market capitalization was valued at just over $ 3 billion and increased by 8.35% to reach $ 3.25 billion in just 11 hours. Market capitalization has slightly decreased and is currently valued at $ 3.16 billion.

See also: Charlie Lee: "Bitcoin, Ethereum and Litecoin are the cryptos of bellweather"

See also: Litecoin Core 0.17 release to reduce transaction fees by a factor of 10