This is why the Litecoin price has risen by 11 percent

The Litecoin price traded below the $60 level for months, but that has changed since yesterday. On November 2, the currency surprised and the price suddenly started to rise enormously. LTC even reached a high of $64.80 this morning. In this article we explain what caused the price increase.

An important level

At the time of writing, the price of 1 Litecoin is around $61.80. That’s about 6 percent higher than a day ago and even more than 11 percent higher than a week ago. This is a remarkable achievement as most cryptocurrencies today record a small loss. It is also striking that the LTC trading volume has increased enormously.

Technical analysts expect the price increase to continue should the important 200 MA level be breached. This one is around $62.50. However, should this fail and the rally lose momentum, Litecoin risks returning to its previous range of around $55.

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