With Bitcoin exhibiting a lot of confidence in its bull run lately, many of the market’s altcoins too have surged and established their own ATHs over the past few days. In fact, popular altcoins such as Litecoin have projected renewed bullish momentum, enabling it to go past key resistances, along with other altcoins like Ontology and Zcash.
Litecoin’s price has risen by over 27 percent in the past week alone, with LTC trading at over $230, at the time of writing. With a market cap of over $15 billion and a 24-hour trading volume of close to $14 billion, the past 24 hours have seen the crypto try and breach the resistance level at $240.
If the breach happens, Litecoin will set itself up for greater price discovery in the coming week. However, if a sell-off does take place, the coin may retrace to its immediate support at $195. While the next support level for the coin was at $158, a move to such a price point seemed unlikely at press time.
The RSI indicator underlined the bullish sentiment in the market as it lay in the overbought zone. The MACD concurred