Bitcoin may be edging down and its mining may not be viable currently but the truth is crypto winter hasn’t ended yet. In fact, the winter season has been extended till a time unknown.
In these circumstances, witnessing a gainer in the crypto market is a rare sight but not rare for Litecoin (LTC).
LTC has been able to show an outstanding performance irrespective of the existence of the crypto winter season.
In the past week, LTC’s market value surged and took the digital currency’s price higher to $83.43. However, value declined at the week’s closing and this week also began with further price increases.
LTC Value Surge
On 30th November 2022, LTC saw its value closing the gap between its present value and its highest value six months ago.
There were two prominent value gains for LTC on Wednesday.
The trading day started off for LTC with a low of $75.21, however, the coin saw $79.73 to be its intraday high value.
A week ago, the coin was also able to climb as high as $83.43 but quickly went down below $77.69.
Looking at LTCs average value since May 10, 2022, Wednesday’s value of $79.73 was the strongest value gain.
RSI Shows Strength
This is because LTC’s relative strength index (RSI) has been able to go past its recent floor.
Presently, the RSI of LTC is tracking above the support point i.e. 61.45 while the present tracking shows 65.48.
However, it seems that the previous gains for the coin have eased up as the coin is trading hands at a price range of $79.95.
Irrespective of this, it is expected that bulls will try to move the coin’s value beyond the $80.00 range.
Near Protocol – Another Prominent Gainer
Apart from LTC as the big-time gainer on Wednesday, Near Protocol (NEAR) also followed in the LTC’s footsteps.
The value of NEAR is consistently moving sharply away from its recent-past lows.
The recent value decline came for NEAR on Tuesday, 29th November 2022 when the value dropped to $1.59. However, a quick rebound came on 1st December 2022 which took NEAR/USD value to $1.73, an intraday high.
Resultantly, NEAR is long past its support level price range of $1.75. NEAR is currently moving forward toward its next crucial support level of $1.75.
NEAR Sharply Moving Towards Next Resistance Level
NEAR’s RSI indicates that it is now tracking over 35.07 which is relatively higher than the ceiling point of 35.00.
By the time of this writing, NEAR value is currently hovering above $1.71 with a positive sentiment.
As per Coinbase’s crypto price index, NEAR’s chart indicates an average increase of 0.95%.
The price index of today, also indicates that NEAR’s market cap and daily trade volume are up by almost 1% and 40.48% respectively.
$2.00 value could be seen soon if NEAR’s value continues to climb up in an effort to cross the benchmark ceiling.
On the other hand, Bitcoin has been struggling to cope with the positive sentiment existing in crypto markets.
Today, the coin started off by going as low as $16,755.88. After a small retraction, the lead coin is back on track and is currently moving forwards by gaining multiple value gains.
Currently, Bitcoin is trading at a price range of $17,095.08 which is still falling short of the intraday high of $17,194.06.
Although Bitcoin is also struggling with the current market downtrend, the USD retreat has offered it a great help. The dollar is moving downwards as the economic pressure is pulling down.
The interest rate hikes are also being toned down, which has a negative impact on the dollar price. However, it is also a good sign for the US economy as more investors will have extra money to invest in crypto.
It is quite common for crypto investors to go for Bitcoin so the price of the asset may get pumped over $20,000.