Litecoin rose to its highest level in over six weeks on Wednesday, as the token moved past a key price ceiling. Today’s move comes despite cryptocurrency markets mostly trading lower, ahead of the Federal Open Market Committee (FOMC) meeting. Unus sed leo (LEO) was also higher, climbing for a ninth consecutive session.
Litecoin (LTC) rose by as much as 10% on Wednesday, despite cryptocurrency markets mostly trading lower.
Following a low of $54.64 during Tuesday’s session, LTC/USD surged to an intraday peak of $61.89.
The rally sees the token move past a key resistance level of $58.20, hitting its strongest point since mid-September in the process.
As can be seen from the chart, the 14-day relative strength index has also surged, and is now firmly in overbought territory.
The index is currently tracking at the 69.32 level, which is its highest point since last November.
In addition to this, the 10-day (red) has now continued its uptrend, maintaining its recent crossover with its 25-day (blue) counterpart.
Should this momentum continue, we may see LTC bulls attempt to push the price to a ceiling of $64.40.
Unus sed leo (LEO)
Unus sed leo (LEO) extended an impressive run of gains in today’s session, as prices rose for a ninth straight day.
LEO/USD surged to a high of $4.66 earlier today, which comes less than a day after hovering at a low of $4.51.
Like with litecoin above, today’s surge sees LEO move past a key ceiling of $4.55, on its way to a multi-week high.
Overall, the token is now trading at its highest point since September 23, with the RSI also substantially higher.
The index is currently tracking at 66.14, which is its strongest level in the last two months.
A resistance of 68.00 seems to be the target of current bulls, and if reached, some traders could move to secure previous gains.
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Do you expect any significant gains in crypto markets after today’s FOMC meeting? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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