The newly-minted world’s fourth largest cryptocurrency on CoinMarketCap, Litecoin [LTC], has exhibited a magnificent surge of over 30% last weekend marking its foray into the bull’s realm after a long presence in the bear’s pit. The coin has maintained a steady valuation lately.
The coin opened at a price of $44.76 the very next day. LTC reached a low of $42.40 before reaching a high of $47.09 and finally closing at a value of $46.83.
The pair LTC/BTC has been trending at the exchange DigiFinex sweeping a volume of $92.48 million at a price of $44.30; a volume of $90.77 million at a price of $44.26 on the OKEx exchange. Additionally, the pair is also trending at Coineal with a circulation volume of $90.77 million, valued at $44.26.
At the time of writing, LTC has consistently surged at a pace of 1.15% after the rise. The silver coin is trading with a market cap of $2.68 billion at a valuation of $44.36 with a volume of $1.40 billion coins being traded in the past 24 hours.
The one-hour chart for the coin exhibits an upward trend of $32.26 to $43.85 and a downtrend from $46.48 to $44.01. The resistance is marked at $44.11 which is close to the price and that of support is registered at $41.10.
Bollinger Bands: The BB indicator for the time period tends to converge indicating a potential decline in price volatility for the coin.
Chaikin Money Flow: The CMF graph continues to tread well above the zero-line, suggesting money flow into the market, and hence, a bullish trend for the coin.
Klinger Oscillator: The KO indicator heads towards a potential bullish cross-over.
Litecoin [LTC] recorded an uptrend from $23.27 to $29.72 and a downtrend from $55.89 to $34.33. The resistance registered for this time period is marked at $46.33 and that of support at $32.13.
Parabolic SAR: The dotted line aligned above the candles in Parabolic SAR indicator depicts the coin steering toward a bull zone.
MACD indicator: The MACD line treading above the signal line indicates the coin following a bullish pattern.
Awesome Oscillator: The AO indicator also predicts a bullish trend for the coin with the lines in green.
The indicators – CMF, KO, Parabolic SAR, AO and MACD, all indicate the coin further treading into the bull zone with potential low price volatility as predicted by BB.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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