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Litecoin price analysis 28 September: Token passes US$60, fuelled on by trading volumes

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Peter Terlato
Posted: 28 September 2018 6:06 am
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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.

Litecoin

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.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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