Biggest Movers: LTC Back Above $80, DOGE Extends Gains Following Inflation Report
Litecoin rose by as much as 15% in Tuesday’s session, as markets reacted to the latest inflation report from the United States. Figures from the monthly Consumer Price Index showed that inflation has fallen to 6% in February, down from 6.4%. Dogecoin was also higher on the news, extending recent gains.
Litecoin (LTC)
Litecoin (LTC) was once again in the green, as prices of the token rose above $80.00 on Tuesday.
Following a low of $75.20 to start the week, LTC/USD surged to an intraday peak of $86.34 earlier today.
As a result of the move, litecoin has risen to a seven-day high, breaking out of a ceiling at $85.00 in the process.
Overall, LTC is up nearly $20.00 in the last four days, since dropping to a bottom at $65.39 on Saturday.
The latest rally in price has pushed the 14-day relative strength index (RSI) to a reading of 49.53, which is its highest point since March 2.
This is marginally above a ceiling at 48.00, and should price strength remain beyond this point, LTC bulls will likely attempt to reach $90.00.
Dogecoin (DOGE)
In addition to LTC, dogecoin (DOGE) also extended recent gains, with the meme coin climbing for a fifth straight day.
DOGE/USD has risen to an intraday high of $0.07492 earlier on Tuesday, which comes a day after trading at a low of $0.06866.
This rally comes as dogecoin broke out of a recent resistance level at $0.0730, with the RSI also climbing above a ceiling of its own.
At the time of writing, price strength is tracking at 47.15, which is well above the aforementioned ceiling at 45.00.
In addition to this, the 10-day (red) moving average is now firmly in an uptrend, with a ceiling of $0.08000 a possible target for bulls.
Price strength is closing in on a ceiling at 50.00. However, should it overcome this point, DOGE could reach its intended target.
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Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.
Filed under: Bitcoin - @ March 14, 2023 3:20 pm