Litecoin’s price began to rise on Friday morning, reaching the $35.41 area after collapsing during the recent major sell-off. However, it fell again shortly afterwards. The digital currency lowered to $34.13 before moving forward and reaching to the $35.11 area.
Furthermore, Litecoin has violated its immediate resistance position at $34.29. Experts noted that the next resistance area at $34.89 was also affected. According to the MACD indicator for LTC/USD, the U.S. dollar has overlapped the signal pattern and the histogram, marking the formation of bullish divergence for the cryptocurrency.
Litecoin moved towards some major resistances at $35.65 later on Friday. Analysts expected that crypto would clear that resistance level shortly. However, there was also the possibility that the trading pair would reverse this trend, causing the crypto’s price to fall before finding support at $34.
What’s happening in the crypto market?
The cryptocurrency markets rebounded after the major sell-off and resulting collapse at the beginning of the last week. Most cryptos managed to recover after significant losses. Analysts hope that digital currencies will continue gaining.
The crypto market began recovery at a rapid pace on Friday. Bitcoin soared by 11.69% at $6,603.4, while Ethereum was trading at $143.39, rising by 10.63%.
Before hitting high on Friday, the Litecoin lowered sharply, trading around $30. However, it shifted upward later and managed to get the momentum that pushed the crypto to $35 at press time.
Litecoin price stood at $34.63 on Thursday morning. The crypto climbed up to $34.90 in the next 5 hours after that. But it couldn’t hold on that price for an extended period and fell to $32.53 shortly.
During Thursday’s session, the crypto fluctuated strongly. After increasing insignificantly at $33.74, it dropped again to $32.50. Litecoin edged up later with its price improving to $34.53.
However, the digital currency remained around the $33.15 area in the following four hours, before posting a sharp upward action once more and closing at $35.23 at the end of the day.