Source: Yahoo Finance
Litecoin (LTC/USD) was seen to increase 11.39%, recording the largest one-day percentage gain since Dec 16. Analyst had correctly predicted a healthy correction before the rise in price.
In the past 24 hours, LTC/USD was seen to be trading between $113.00 to $117.061. Analyst predict that upon breaking past the 100-Simple Moving Average (SMA), it is possible to reach $118 and the 2020-high of $124.
LTC/USD is still 72.13% down from its all-time high of $420.00, which was set on Dec 12, 2017.
As news of a new Covid-19 variant grapples the world, traders would most likely be watching the progress of new cases and the effectiveness of the vaccine. Lacklustre U.S. data had also dampened the market sentiment.
A risk-off sentiment would benefit LTC/USD as cryptocurrencies seem to be gaining favour with traders of late.
LTC/USD (as of Dec 23, 2020, 10.25 a.m., GMT +8) - $116.69
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