The value of Litecoin has surged over the past week. Despite the bear market, the price of Bitcoin’s little brother has exploded upwards in recent days. In a market where many digital currencies have been struggling, this unexpected surge stands out. If you’re wondering why Litecoin’s price has risen recently, stick around till the end of this article to understand what pushed the price up.
How Did Litecoin Perform In The Last Few Days?
Over the last couple of days, the value of Litecoin has skyrocketed. In line with the behavior of the vast majority of other cryptocurrencies, the price did not change much over the weekend. Just last week, Litecoin’s price experienced a sudden and dramatic increase. Previously, it was $62, but now it is at a price point of $71.
What Pushed Litecoin’s Price Up?
When trying to pinpoint the cause of Litecoin’s meteoric rise, Michael Saylor praised it and gave it a role analogous to Bitcoin. Saylor is an avid supporter of Bitcoin but an opponent of other cryptocurrencies.
After the recent meltdown, many potential buyers may be looking for a secure cryptocurrency, according to one theory. Keeping this in mind, Litecoin is one of the most viable alternatives to Bitcoin. Potentially, this might have set off a domino effect of investors moving their funds to Litecoin.
Integration with MoneyGram’s crypto platform is another possible reason followed by the whole FTX fiasco which disrupted the entire market shattering the top tokens.
Considering these possible developments, investors saw Litecoin as the possible investment option leading to its price to skyrocket by almost 37%.
Should You Park Your Funds In Litecoin Before 2023?
Last week, Litecoin’s price skyrocketed. For the first time in quite some time, this has helped bring some fresh interest to the Litecoin cryptocurrency. Many investors may have mild FOMO as a result, keeping the surge going for a few more days.
Without a strong market-wide uptick, a sustained increase over several weeks is quite improbable. So, the improvement might not last forever. When looking at the Litecoin’s price chart on CoinMarketCap it demonstrates that Litecoin will remain useful in the year 2022 and that the course has the potential to provide significant gains once again.
How Is Litecoin Performing Now?
According to CoinMarketCap, which tracks prices across many exchanges, Litecoin (LTC) has had a price drop of 7% since yesterday and the price of Litecoin (LTC) as of this writing is $72.35 with a 24-hour trading volume for the cryptocurrency currently at $ 722,912,064. The price of LTC has risen over the $65 barrier level and is now testing the $72 level of resistance.
The daily 9 EMA is still higher than the daily 20 EMA, suggesting that LTC’s daily chart on CoinMarketCap is bullish. The 9 EMA line is also diverging in a constructive way from the 20 EMA line. Because of this, it appears that the altcoins upward trend may not be over just yet.
If LTC’s price is able to rise over the $80 resistance level during this week, then the chances of the price sky rocketing even further is high. If it doesn’t, the price of altcoins might fall below the newly established support level at $69.
The daily RSI line on the price chart on CoinMarketCap is above the daily RSI SMA, indicating that the upward trend for LTC will likely persist. The daily RSI is likewise sloping upwards, into the overbought zone.
Have You Invested In This Explosive Presale Of 2022?
While Litecoin is still a decent buy, which can give you decent returns, there is a token which is in its presale stage currently and has the potential to give you thirty to forty times return on your investment in the long run.
This token is called “Dash 2 Trade”. Numerous new traders have just joined Dash 2 Trade, a recently launched platform that provides statistics and signals for crypto trading. In just over a month, the project attracted over $7 million in funding, making it one of the most sought-after investments in the cryptocurrency market.
The timing of the platform’s announcement couldn’t have been better, what with the increasing volatility in the cryptocurrency markets driving up demand for reliable crypto information and on-chain analytics. Investor enthusiasm has been so high for this platform that it will be launched ahead of schedule. The number of exchanges that want to offer D2T coins is growing every day.
When it comes to the return on investment, Dash 2 Trade is truly groundbreaking. In the aftermath of the FTX tragedy, its numerous innovative features come together to guarantee that every customer finds the greatest crypto offers imaginable. The D2T token presale is coming to a close in a few days, so now is the time to consider making a purchase. Gain unprecedented returns by joining Dash 2 Trade in its early stages and gaining access to exclusive market data.
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