LTC – This Week’s Biggest Crypto Mover
It turned out that Litecoin (LTC) had been so far the ultimate shaker of the crypto economy as the coin is consistently obtaining value gains.
On 5th December 2022 alone, LTC saw its value surging in back-to-back two sessions on Monday. Resultantly, LTC has been able to move beyond its past six months’ highest value.
On 4th December (Sunday) LTC was trading at the price as low as $75.93. However, Monday’s trading allowed LTC to achieve intraday’s highest value when it started trading at $83.49.
Since May 10, LTC hasn’t been able to go even near this price range which is considered LTC’s crucial strength point.
Monday’s really became certain because LTC succeeded in taking down the crucial resistance level of $82.70. However, in the process, LTC not only took down the resistance but also moved way above that level.
Looking at the LTC’s relative strength index (RSI) from 20th November to 5th December, the index was tracking at 66.00.
Thanks to Monday’s gains, RSI has moved above the 66.00 level and currently tracking at 68.43 i.e. 4 plus points ahead of the ceiling.
Litecoin exists as a true definition of a successful cryptocurrency because it has also experienced the same journey as Bitcoin. The only difference between Bitcoin and Litecoin is that the latter was launched in 2011.
It exists as the second cryptocurrency that was introduced to the cryptocurrency sector. It is among the pioneers and acted as a launch pad for many more projects and cryptocurrencies.
The success of LTC has mainly remained under the shadow of Bitcoin. However, as Bitcoin is facing a downtrend, the price of Litecoin has emerged as a successful and strong crypto.
Meme Coin SHIB Surge
Even the meme coin Shiba Inu (SHIB) was amongst the few big gainers of Monday’s surge.
SHIB’s value went as high as $0.00001005 on Monday after defeating and overcoming Sunday’s bottom of $0.000009253.
Boosted SHIB then saw its value hitting the strongest point which the meme coin had last seen on 11th November 2022.
Currently, SHIB is closing the gap between its present market value with its key resistance point of $0.00001010.
The failure in breaching the resistance point was because traders became more interested in acquiring short-term gains by liquidating their positions.
En masse Liquidation of Positions
Had there been no mass liquidation of positions, SHIB could have accelerated beyond its long-pending unobstructed resistance level of 11th November.
However, SHIB did manage to accelerate its RSI index tracking near the crucial ceiling point of 56.00. At the time of writing, SHIB’s RSI index indicates the tracking to be resting at 55.39.
There were other coins also that did not make it into the league of this week’s crypto economy shakers. However, they did manage to find their way into the list of honorable mentions.
For instance, Unus Sed Leo (LEO) could be accredited for modestly boosting its economy, if not the global crypto economy.
Leo saw its value surging on Tuesday after overpowering Monday’s low of $3.78 and rising as high as $3.94 on Tuesday.
Leo’s value rushed above Monday’s low because the bears failed in holding Leo back its crucial floor ceiling.
Leo’s RSI which was earlier tracked at the 43.50 range on Monday is now relaxing at 49.12, almost with a difference of 6 points.
AVAX Value Decline
Amongst the prominent value losers was Avalanche (AVAX) whose value dropped from $14.31 to $13.48.
The decline was rather surprising because, on Monday, AVAX was moving towards its strongest point as its value rose as high as $14.31.
AVAX incurred approximately $1.00 in value on 6th December 2022 (Tuesday).
Resultantly, AVAX’s RSI is now tracking at a lower than its crucial ceiling point. It seems AVAX traders have to come up with a better plan. They must aim at uplifting the bullish momentum instead of losing it.