Litecoin raced to a nine-month high on Feb. 1, following a breakout of a key resistance level. The surge in price comes as the global cryptocurrency market cap rose marginally higher today, and is up by 0.57% as of writing. Cosmos was another notable mover, with prices up for a second straight session.
Litecoin (LTC) surged to a nine-month high on Wednesday, as prices rose past a key resistance level.
LTC/USD hit a peak of $97.73 earlier in today’s session, less than 24 hours after trading at a low of $93.05.
As a result of the surge, litecoin rose to its strongest point since May 5, when prices were at a high of $106.86.
Looking at the chart, the move took place following a breakout of a ceiling at $95.50, and came as the relative strength index (RSI) collided with a resistance of its own.
As of writing, the index is tracking at 65.96, which is marginally below a resistance level at 66.00.
Since approaching this point, earlier gains have somewhat declined, with LTC now trading at $95.58.
Cosmos (ATOM) was another notable mover in today’s session, with the token climbing for a second straight day.
Following a low of $13.15 on Tuesday, ATOM/USD moved to a peak of $13.84 earlier in the day.
Wednesday’s rally saw cosmos move above a ceiling at $13.50, nearing its highest point since November 8 in the process.
Whilst this resistance level was broken, the 14-day RSI was approaching one of its own at 66.00.
As of writing, the index is tracking at 61.77, after it bounced from a support point at 58.00
Should this ceiling at 66.00 be hit, it is likely that ATOM could be trading above the $14.00 mark.
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Do you expect cosmos to climb past $14.00 this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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