Litecoin jumped more than 10% in minutes

6 March, 2019

Within minutes, Litecoin (LTC), the fifth most valuable asset in the global crypto market, surged by 10 percent against the U.S. dollar. The sudden short-term rally of Litecoin was followed by the recovery of Bitcoin from around $3,700 to $3,868. Bitcoin is en route to breaching the $3,900 resistance level once again after defending the $3,700 mark with relative ease. According to many traders, the recent price movement of Litecoin was more technical than fundamental. For the first time since July, Litecoin broke out of a key resistance level above 0.01 BTC mark with a strong performance against both BTC and the USD.

On January 28, Charlie Lee, the creator of Litecoin, said that the cryptocurrency will focus on privacy with the integration of Confidential Transactions. Confidential Transactions, better known as CT, was initially developed for Bitcoin to be used by the Bitcoin network for private transactions. The synergy between strong fundamental factors such as high developer activity and technical indicators demonstrating a clean breakout of crucial resistance levels are said to have triggered the strong upside movement of the cryptocurrency.

In an interview with CCN, a cryptocurrency technical analyst with an online alias “Satoshi, MBA” said that as long as major crypto assets and small market cap cryptocurrencies continue to demonstrate large upside movements, Bitcoin can avoid falling to its 12-month low at $3,122. If Bitcoin manages to maintain its momentum across the $4,000 resistance level, several technical analysts see the recent recovery of the crypto market leading to a promising near-term price movement.


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