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Litecoin (LTC) Smashes Through $100 Mark as Altcoin Rally Continues

Litecoin (LTC) smashed through the $100 level earlier today as altcoin season begins to spread throughout the cryptocurrency market. At around 19:00 (GMT) a huge injection of volume pushed Litecoin from $93.55 right up to $101.74 in a matter of minutes. The coin eventually reached a high of $104.43 before retracing briefly. It has since hung on to support above $100 and is currently trading around $101.

Altcoin Season

Following the past weekends epic bull run that saw Bitcoin reach highs of $8,300, altcoins have begun to join the party as investors look to diversify their portfolios. Ethereum (ETH) led the charge, shooting through the $227 resistance point earlier today but was outmatched by Ripple’s XRP token, which has seen incredible 40 percent gains this week and surpassed a price of $0.43 today.

Other top ten cryptocurrencies, including Binance Coin (BNB) and Stellar (XLM), have also enjoyed impressive gains of over 15 percent today.

Litecoin in the News

Litecoin has enjoyed a boost from welterweight UFC fighter Ben Askren who mentioned the coins gains on his Twitter account. This is the first time Litecoin has surpassed double digits since June last year, and Asken was keen to praise the coin in his tweet. Litecoin began sponsoring UFC fights in December last year and soon after became the official sponsor of the popular MMA-focused fighting organization. Yesterday, the Litecoin Foundation announced its support of the Glory Kickboxing event this weekend.

In February this year, Litecoin enjoyed an impressive rally when it jumped by 30 percent from $32 to $46 following founder Charlie Lee’s plans to convert it to a privacy coin.

Litecoin Analysis

LTC/USD has recently entered a bullish inverted head-and-shoulders pattern, with the uptrend further driven by positive technical indicators on the four-hour timeframe.

The 1-day relative strength index (RSI) is slightly overbought at 75.86 indicating a sell signal but both the MACD and all moving averages remain in strong buy territory.

LTC is currently trading at $102.25, up 12.76 percent in the past 24 hours.

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