Bitcoin had finally hit $25K. All the other assets seemed to be aiding the bull run as the crypto market turned green. Litecoin [LTC] kept up the pace and was surging by over 17.67% in the last 24-hours. All the other coins like Ethereum [ETH], Bitcoin Cash [BCH], Chainlink [LINK], and several others were exhibiting a bullish sentiment, however, LTC was the star of the show. XRP on the other hand was witnessing a slump amidst a bull run. The altcoin was seen depleting by almost 10% during the time of writing.
At press time, Litecon was trading for $130.01. The asset maintained its position as the fifth-largest cryptocurrency with a market cap of $8.47 billion. Over the week, LTC managed to bag gains up to 20.63%.
Litecoin [LTC] One Hour Price Chart
Litecoin’s one hour price chart was seen forming a bearish pattern. The upper trend line was identified by higher highs at $109.88, $122.73 as well as $131.89. The lower trend line was formulated by higher lows at $108.32 and $120.53. These converging lines affirmed the formation of a rising wedge. The direction of a breakout for this pattern is usually downwards.
However, the daily moving average indicator insinuated that there were bulls in the market as the 50 daily moving average [Blue] was above the 100 daily moving average [Red]. This crossover is considered a bullish one.
Litecoin [LTC] Price Chart With Key Indicators
Bitcoin’s unstoppable journey was mirrored by several altcoins. Litecoin’s price movement was highly imitating that of Bitcoin’s. However, it was all gearing up for a crash as the bears had started infiltrating the LTC market. The indicators used in the short term price chart of LTC seemed to be in sync with the aforementioned pattern. The Stochastic RSI indicator was seen all the way in the oversold zone. However, the RSI marker was trying to climb back up from the oversold area. The Awesome Oscillator indicator stressed on the presence of bears in the LTC market as it laid out red closing bars.