Litecoin surged 14% over the past 24 hours as traders bet on PayPal's plan to support cryptocurrencies. The coin started the day at $46 and climbed to a high near $56.50, settling around $55.50. PayP
Litecoin surged 14% over the past 24 hours as traders bet on PayPal's plan to support cryptocurrencies. The coin started the day at $46 and climbed to a high near $56.50, settling around $55.50.
PayPal's announcement of crypto support triggered an 11% spike. Litecoin then built on that gain, with momentum accelerating through the day.
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The coin is up 5% on the day and over 18% in the previous session. Against bitcoin, Litecoin gained more than 9% in the same 24-hour stretch.
At a $3.66 billion valuation, Litecoin ranks as the eighth largest cryptocurrency according to CoinMarketCap. ChainLink holds seventh place with a $4.3 billion market cap. According to Asset Dash's ranking of assets by market cap, Litecoin reached position 1,306, a jump of 71 spots.
On the daily chart, LTC/USD has moved above the 50-day and 100-day simple moving averages for the first time in over a month. That breakout could push the pair higher if buyers hold these levels. Resistance sits at $59.42, near the 78.6% Fib retracement level between the $62.87 high and $44.63 low. A move through $59.42 targets $64.79.
The MACD indicator flashes buy signals at 0.94. The RSI trades in neutral territory, suggesting bulls have the edge but a short-term pullback below $55 remains possible.
On the 4-hour chart, the RSI is rising but not overextended. If it reaches overbought levels, selling pressure could mount. The MACD stays bullish, so any pullback would remain shallow. Support sits around the SMA50 and SMA100 levels where buyers hold the power to defend against selling pressure.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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