• Cryptocurrency markets rebounded on Monday, with Litecoin (LTC) and Ethereum Classic (ETC) both seeing significant increases.
• LTC rose by as much as 15% in today’s session, while ETC surged to a peak of $20.20 following a low of $17.05 the day before.
• Momentum appears to be driven by the 14-day Relative Strength Index (RSI), which broke out of a resistance point for LTC and is close to a ceiling for ETC.
Crypto Markets Rebound on Monday
Cryptocurrency markets rebounded significantly on Monday, with major tokens such as Litecoin (LTC) and Ethereum Classic (ETC) making strong gains in today’s session. The global crypto market cap was trading nearly 10% higher at the time of writing.
Litecoin Makes Significant Gains
Litecoin saw some impressive gains on Monday, with the token rising by as much as 15%. LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66. This move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.
RSI Drives Momentum
One catalyst behind litecoin’s recent surge appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point during today’s session. As of writing, the index is tracking at 41.05, following a move beyond this ceiling at 40.00 – should momentum persist, there is potential for LTC price to reach its next resistance level at $85.00.
Ethereum Classic Also Moves Higher
In addition to Litecoin, Ethereum classic also saw substantial gains during Monday’s session – rising from Sunday’s low of $17.05 all the way up to peak at $20