Litecoin [LTC] Price Outperforms Other Top Cryptocurrencies This Week
Litecoin is the top performing major cryptocurrency this week.
It is the only cryptocurrency in the top 20 recording an appreciation over the past seven days.
Data from Messari show Litecoin increasing 3.23% over the past seven days whereas top cryptocurrencies such as Bitcoin and Ethereum have depreciated 3.38% and 6.11% respectively.
The bearish drop which started the week met support at $30 for Litecoin. Price has since been recovering.
Litecoin has been finding resistance at Fibonacci retracement levels drawn from the December low to the January high for prices.
Price yesterday met resistance at the 0.382 retracement level and has been dropping today.
The hourly chart shows price briefly managed to rise above the 0.382 retracement level before dropping back below.
This level will be expected to act as resistance if price rises from here.
There have been occasions where Litecoin has led the overall cryptocurrency market. Price rises in early January were an example of this.
There is a possibility that the outperformance of Litecoin this week may be bullish for other top cryptocurrencies going into next week.
- Litecoin is the top performing major cryptocurrency over the past week.
- The price rise in Litecoin has met resistance at the 0.382 Fibonacci retracement level and has since dropped back down.
- There is a possibility that the outperformance seen in Litecoin this week could lead other cryptocurrencies to perform bullish as we progress into next week’s trading.
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