Litecoin (LTC) has just spiked as high as $3.85 on BTC-e, a gain of over 4% within one hour. Though not out of character for crypto trading, it represents LTC’s biggest such jump in nearly two weeks.
Traders are hoping that the sudden reversal marks the start of any meaningful turnaround in the long-term. Year to date, LTC is off by nearly 90%- a figure we’re more used to hearing with lesser known altcoins.
72h ago, LTC challenged its $3.57-$3.60 support band, before reversing back to the mid $3.60’s. LTC’s 2014 low is $3.33, reached during the flash crash and nearly surpassed 3 weeks ago ($3.38) when Bitcoin set new 2014 lows.
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BTC’s jump has been more muted, rising only 2%. LTC/BTC has thus shot up to its highest point in 18 days, now 0.0109. The pair had been hanging on to 0.01 and for a short time, appeared poised to break it. But this would have (most likely) entailed breaking the $3.60 support band, which has proven dependable during these times.
LTC/BTC has also spent minimal time below 0.01- no longer than 12h during its low 2 weeks ago. One has to go back to early September, and from there, to the August sell-off, to find pockets of sub-0.01 activity.
As prices “compress” and their rate of decline slows, LTC/USD’s 50-day moving average (MA) is catching up quickly to the pair, now only 10% ahead.