Friday, 12 May 2023

Biggest Movers: LTC Above $80.00, Moving Away From 6-Week Low 

by Earn Media

Biggest Movers: LTC Above .00, Moving Away From 6-Week Low 

Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today’s rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher.

Litecoin (LTC)

Litecoin (LTC) jumped back above $80.00 earlier in today’s session, as the token continued to move away from recent lows.

Following yesterday’s low of $78.18, LTC/USD raced to an intraday high of $81.97 on Thursday.

The surge saw litecoin rise from a recent six-week low of $75.32, which took the cryptocurrency to a breakout of a floor at $77.00.

Looking at the chart, today’s rally pushed the relative strength index (RSI) towards a resistance level of 39.00.

At the time of writing, the index is currently tracking at 37.95, with LTC falling from earlier highs, and trading at $80.84.

Bulls in the market are likely targeting a ceiling of $85.00, however there will likely be some hurdles in the form upcoming points of resistance.

Cardano (ADA)

Cardano (ADA) was also marginally higher, as prices traded close to a key support level on Wednesday.

ADA/USD hit a high of $0.3727 earlier in the day, which comes following a bottom at $0.3574 during yesterday’s session.

Thursday’s marginal gain sees cardano climb above a price floor of $0.3580, however earlier momentum has somewhat faded.

It appears that gains have eased due to the RSI colliding with a ceiling at the 41.00 mark.

Price strength is now at the 37.06 level, after failing to break out of the aforementioned resistance.

ADA is now trading at $0.3613, with bearish pressure significantly higher than earlier in the day.

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Could cardano fall further this week? Let us know your thoughts in the comments.