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Price Analysis

Litecoin Jumps 3%, Now Near Its 20-Day Average

The cryptocurrency market has seen a minor spike in price as Litecoin sees a 3% increase, moving closer to gaining to its moving average.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.15% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 3%, which has its price now near $58.78 USD. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -3.77% — a move that puts its price around $229.56 USD. Three of the coins had up days, which is a mixed sign for the crypto sector.

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Price Patterns to Monitor

The moves in Litecoin and Bitcoin Cash were especially surprising; they were much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

    Looking for an uptrend? The most reliable uptrends can be found in XRP and Ethereum.

  • Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
  • Momentum traders will want to note that Litecoin and Bitcoin are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
  • Also of note is that Bitcoin Cash just crossed its 20-day moving average yesterday.

What Does Transaction Data Tell Us?

Ripple recorded 877,513 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 24% over Ethereum, which had the second-most transactions recorded on its chain. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $29,166,884 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.95% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, stepping between 66.3% to 67.85% over the past two weeks.

Article by SixJupiter