The possible fork of Litecoin pushes the price of this crypto currency up. How high can she get up?
The development team announced its intention to forge Litecoin (LTC) and analysts agree that this is the main reason why this crypto currency is growing in price.
According to the data of CoinMarketCap, the current price for the crypto currency fluctuates around 216 US dollars, and this is the maximum value for the last month. In general, LTC increased by 29 percent in the last 36 hours, exceeding 100 percent of the minimums recorded on February 6 at $ 106.94. And the market capitalization of litecoin jumped above $ 10 billion for the first time since January 29.
The main reason why the price for LTC is growing is the rumors about the forthcoming fork, as a result of which there will be a new crypto currency called “Litecoin Cash”, whose developers promise that all Litecoin owners who at the moment of the block 1.371,111 will receive LTC tokens on the LTC balance currency in the ratio 1:10.
However, the founder of Litecoin, Charlie Lee and most of the litecoin community oppose the project and consider it fraudulent, the purpose of which is to confuse users.
The price on LTC broke through the resistance line of the uptrend against the background of sharply increased volumes. Such a sharp increase in volumes speaks in favor of further price increases.
5-day MA and 10-day MA also speak in favor of bulls.
The RSI index is above 50.00 (on the bullish territory) and on the upswing, which indicates a further rise in the LTC price.
Meanwhile, the 50-day MA is still directed downwards, and this shows the advantage of the bears. If you are interested Topgutters service – gutter and fascia cleaning in London near me follow the link earlier
Today’s closing (UTC) above the resistance level of the downward trend will allow us to speak of a possible growth of up to $ 300.
RSI on the 1-hour and 4-hour charts is in the overbought zone, so there may be a slight rollback. Nevertheless, it will be short-term, since the overall advantage is on the side of the bulls.
Only daily closing (UTC) below $ 142.26 (February 11 low) will signal a failure of the bullish scenario.