Bullish Indicator? Litecoin (LTC) Leaves Its 200-Day Moving Average in the Dust
Since the breakout, Litecoin has continued higher and is now up 60% over the past month to $51.56. For comparison, the AltDex 100 Index (ALT100), a benchmark index for the 100-largest coins and tokens, is up around 17.7% over the same period.
The rally has helped Litecoin move back above its 200-day moving average, a very bullish sign for the fourth-largest altcoin. Litecoin’s current price is now 15% above the current 200 DMA of $44.69 and shows no signs of slowing down.
Based on the chart, the last time Litecoin was trading above its 200 DMA was back in May when it failed as support. Litecoin’s breakout above this critical technical level could bode well for the rest of the market, as most cryptocurrencies have yet to move above their 100 or 200-day moving averages. For example, Bitcoin (BTC) is currently trading well below its 200 DMA, which is around $5,200.
Litecoin’s market cap now stands at $3.13 billion.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.