Litecoin is currently undergoing a significant surge due to a phenomenon known as the fear of missing out (FOMO), coinciding with a broader resurgence in the cryptocurrency market. The crypto market rally was initiated after the introduction of the BlackRock ETF filing, as well as the unveiling of the EDX markets crypto exchange.
Bitcoin’s ability to maintain stability above the $30K mark has instigated investor interest in alternative cryptocurrencies stemming from Bitcoin. As a result, notable increases have been witnessed in Bitcoin Cash, Bitcoin SV, eCash (XEC), and Litecoin (LTC) over the course of the week. This surge in popularity led to Litecoin experiencing an impressive 28% surge on June 30th.
During this week, Litecoin (LTC) achieved a significant milestone by surpassing the crucial barrier of $100 and reaching a new 58-week high of $110 on July 1st. The bullish sentiment is evident as the price flipped $100 into a key support level, with the next target set at the $130 range.
At present, Litecoin is trading at the $109 mark, exhibiting a significant overnight gain of 16%. As a result, the bulls have accumulated a 26% increase in value this week.
Santiment’s data indicates a remarkable surge in trading volume, which spiked by 200% overnight and reached a substantial $3 billion.
Buyers have successfully propelled Litecoin (LTC) above the 200-day Simple Moving Average (SMA) after a considerable period.
The Relative Strength Index (RSI) indicator is trending towards the overbought zone, indicating the potential for further growth. Additionally, the Moving Average Convergence Divergence (MACD) is observed in the positive region, highlighting the ongoing momentum in LTC.
