litecoin [LTC] trying to break $ 2 billion barrier: technical analysis

After a very bad couple of weeks, the cryptocurrency market seems to be on the road to recovery. On Sunday, the price of Bitcoin dropped below $ 4,000, with many analysts estimating that the top crypto could hit the bottom at $ 3,000 before rising again. The main currencies are slowly re-emerging from the lows of many months, while Bitcoin Cash forex concerns have been reduced and Bitcoin ABC has emerged as the successor to the fourth most valuable currency. litecoin [LTC] It is currently leading earnings in the top 10 coins. The capitalization of LTC has risen by over $ 200 million in the last few hours and if the currency manages to maintain this momentum, its market capitalization could soon touch $ 2 billion.

LTC / USD

The new resistance began to form at $ 30.89, a level from which the currency suffered a break out early Monday. The MACD indicates that the currency is trading with bullish momentum while the 100 EMA line points to an uptrend. The RSI hourly indicator currently stands at 59.73, which suggests that LTC is attracting increasing buying interest. The crypto exhibits a trading range of $ 31.48- $ 32.43, with the coin hovering closer to the upper end. At the time of printing, the token had risen by 11.2% against the US dollar to trade at $ 31.62.

LTC / BTC

Virtual currency increased by 3.1% compared to a bullish Bitcoin [BTC]. An LTC is currently rated at about 0.00781 BTC.

Market capitalization

From a November high of $ 3.3 billion, the capitalization of LTC dropped to a low of $ 1.61 billion, indicating an extremely volatile month for the crypt. As of 2000 UTC, its total market value stood at $ 1.89 billion and then fell by 14.8% to reach $ 1.61 billion in just 16 hours. The crypt then reversed its course, growing by as much as 17% to reach $ 1.88 billion in the next 12 hours. At the time of printing, its market capitalization had dropped marginally to $ 1.86 billion.