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Here's Why "Crypto Classic" Litecoin Price Jumped by 20% in Last 48 Hours

Opinions
Tue, 11/09/2021 - 09:19
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Arman Shirinyan
Litecoin shows that it still has some fuel left with 20% pump in the last 48 hours
Here's Why "Crypto Classic" Litecoin Price Jumped by 20% in Last 48 Hours
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Following the Bitcoin and cryptocurrency market rally, classic altcoins like Ethereum, Litecoin and Cardano have faced strong positive price action. For Litecoin, the past 48 hours have become the most productive in the last 80 days.

Litecoin price skyrockets

In the last 48 hours, the "silver of the cryptocurrency market" has moved past $240 for the first time in 200 days. Previously, on Sept. 13, Litecoin tested the $240 resistance but then rapidly retraced back. The explosive growth was tied to a false rumor about Walmart accepting Litecoin payments, which were then quickly debunked.

Litecoin Daily Chart
Source: TradingView 

Currently, the daily growth remains at 7%, with the coin moving from $228 to $245. The market has not yet decided if LTC going to retrace from there or continue its growth but, in the last six hours, prices have been consolidating at the local top without testing the next major resistance, $250.

On-chain data

Litecoin on-chain data suggests that most major resistance (in terms of orders) has already been passed by the price. The strongest selling volume has been present at $212, according to data from IntoTheBlock.

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With prices going up significantly, almost 20% of Litecoin holders have entered the "In the Money" zone or are now holding their coins at an unrealized profit.

In addition to the market data, Litecoin circulation has decoupled from Ethereum and moved forward, reaching 1.25 million tokens per day. Price growth is almost always followed by a network activity rise, which indicates that more traders or investors are buying or withdrawing their assets from exchanges.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.