Litecoin is registering the biggest gains as crypto market turns bullish on PayPal adoption news
Litecoin (LTC) is trading higher on the day, jumping more than 14% in the past 24 hours. Litecoin’s upside momentum has gathered pace after an initial 11% spike came soon after the payments processing firm PayPal announced support for cryptocurrencies.
The cryptocurrency has broken above several hurdles, soaring from a low of $46 to touch highs near $56.50.
LTC price against the US dollar is currently around $55.50, up 5% on the day and over 18% in the previous session. Overall, Litecoin price is up 14% in the past 24 hours. LTC is also performing well against BTC, with the pair up more than 9% in the past 24 hours.
According to Asset Dash, a platform that tracks and ranks global assets by market cap, Litecoin’s $3.66-billion valuation has pushed it 71 places into 1306 globally. CoinMarketCap ranks LTC as the eighth largest cryptocurrency, behind ChainLink which has a market cap of $4.3 billion at the time of writing.
LTC/USD technical analysis
The daily chart has LTC/USD changing hands above the 50-day and 100-day simple moving averages. It is the first time the pair has traded above the moving average in over a month. If bulls hold these levels, the uptrend is likely to take it above $60.
The outlook on this time frame suggests that slight resistance is expected at $59.42. The area is close to the 78.6% Fib retracement level of the swing low from $62.87 high to $44.63 low. A breakout above this area highlights the next hurdle around $64.79.
The MACD level (12, 26) is flashing buy signals at 0.94, but the RSI is
