Biggest Movers: LTC Hits Highest Point Since June, as APE Climbs to 3-Week High
Litecoin rose to a three-month high in today’s session, following a breakout of a key resistance level. The move took place prior to the release of U.S. inflation data, which fell to 8.3% in August. However, following the release, which was higher than expected, earlier gains eased. Apecoin also hit a multi-week high in today’s session. Litecoin (LTC)
Litecoin (LTC) climbed to a three-month high on Tuesday, as the token moved beyond its $64.50 resistance level.
Following a low of $60.39 to start the week, LTC/USD rallied to an intraday peak of $67.07 in today’s session.
This is the strongest point that litecoin has traded at since June 1, when the token hit a high of $70.50. LTC/USD – Daily Chart
Today’s surge in LTC was somewhat short lived, with prices falling below the aforementioned resistance point as the day progressed.
As of writing, litecoin is trading at $63.43, and this comes as the relative strength index (RSI) hit a hurdle of its own.
The index collided with a ceiling of 60.00, which bulls have so far been unable to move beyond, resulting in prices dropping. Apecoin (APE)
While litecoin hit a three-month peak, apecoin (APE) moved to a three-week high earlier in the day.
APE/USD was able to climb to a peak of $5.87 on Tuesday, less than 24 hours after trading at a low of $5.25.
Tuesday’s top is the highest point that apecoin has traded at since August 18, when the token was above $6.00. APE/USD – Daily Chart
Looking at the chart, APE has been on a bull run over the past week, following a bounce from support of $4.20.
This has led to an increase in price momentum, with the 10-day (red) moving average, now on the cusp of a cross with the longer-term 25-day (blue) trend line.
Prices have since tailed off, as the RSI fell from its recent six-week peak above the 60.00 mark.
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Can apecoin continue to rise this week, despite market volatility increasing? Let us know your thoughts in the comments. Eliman Dambell
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. Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 3-Week High, Ahead of US Inflation Report MARKET UPDATES | 11 hours ago Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week MARKET UPDATES | 1 day ago
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