Tuesday, 14 March 2023

Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday

by Berkeley Lovelace

Biggest Movers: LTC, ETC 15% Higher, as Crypto Markets Rebound on Monday

Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.

Litecoin (LTC)

Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.

LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.

The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.

Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.

As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.

Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.

Ethereum Classic (ETC)

In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.

Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.

This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.

At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.

Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.

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Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.