Litecoin price analysis 28 September: Token passes US$60, fuelled on by trading volumes
LTC pushes higher in early trading, encouraged by a significant jump in the coin's 24-hour trading volumes.
Key takeaways
- Litecoin, as with most of the leading cryptocurrencies, remains in the green today.
- Trading volumes have increased by more than 55% in the last 24 hours.
- Bitcoin's value remains relatively flat.
Litecoin is riding high on a break above US$60 right now. The cryptocurrency is up 6.6% over the past 24 hours.
The token had been trading sideways for most of yesterday, ranging between US$57.00 and US$59.00. Then, during the early hours of this morning the value of the coin rose from US$57.23 to US$63.17 in only two hours.
At the peak of this rally, the token hit a weekly high of US$63.22. However, this is still some way off from the monthly zenith witnessed at the beginning of September when Litecoin's value exceeded US$68.00.
At the time of writing, LTC was valued at US$62.66.
24-hour trading volumes have shot up dramatically overnight, from US$294 million to US$460 million.
Litecoin's dramatic price rise seems to correspond with a large volume of trading activity on minor digital currency exchange DOBI Trade. At press time, DOBI trades made up 13.8% of LTC's 24-hour trading volume.
Coinspeaker reports that the last high demand period for Litecoin was back in May this year and there have been no major buyouts since. Analysts suggest that, for now, the key support level for Litecoin is at US$55.76.
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