Litecoin market overview: LTC/USD jumps 12% stepping above $100

  • Litecoin dropped to levels below $80 before finding support at $76.00.
  • Strong technical levels suggest further growth Litecoin price.

Litecoin has posted gains two days in a row following the dip to lows under $100. The declines that dominated the crypto market at the beginning of this week saw most digital assets lose ground significantly. Litecoin dropped to levels below $80 before finding support at $76.00.

Following the support at $76.00, recovery was staged on Wednesday pushing Litecoin above $90. Extended gains touched $95 as reported by FXStreet. Driven Bitcoins $1,000 recovery to $10,500, Litecoin has on Thursday appreciated in value stepping above $100. Which represents a more than 12% rise in market value on the day.

Also read: Bitcoin market update: BTC/USD appreciates by $1,000 reclaiming $10,500

Meanwhile, Litecoin is trading at $101 amid growing momentum. A break above $105 hurdle is imminent. Technically, the trend is in favor of the bulls, especially with current strong technical levels. The Moving Average Convergence Divergence (MACD) continues to move higher in the positive territory. The increasing divergence suggests growing buying power despite overbought levels having been reached.

LTC/USD 1-h chart

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