Lighter (LIT) was one of the best performers in recent hours. According to CoinMarketCap data, the token of the DEX platform has increased 9.48% in the last 24 hours and has changed to +54.95% for the week.
His Open Interest went up by 8.32%in line with the price gains of the previous 24 hours. In addition, the amount of money that was negative has decreased significantly, while the prices of LIT have increased more than $2.20-$2.30 local shopping area.
The rapid gains came on the back of the distribution platform Q2 Investor Update Call. Some of the major announcements of this call were that 100% of the proceeds from the protocol will go towards the purchase of tokens, and 6 million LIT were also purchased in Q2. The burning of symbols is also in the plans.
Platform costs were reduced, RWAs were growing, new system models were live, and more commercial tools were on the way. The group is also working with the CFTC to become a regulated exchange.
These announcements should have given the altcoin a boost, but the move has been going on for a few weeks now.
Analyzing the structure of the Light beam
The 1 day chart showed a change of schedule in May, when a $1.32 the local chief was crushed. After this break, the volume of sales began to increase as prices rose.
The RSI at this time has been neutral 50 throughout the growth, showing a steady rise. It was on 79.7 at the time of writing, within the most purchased area.
OBV was also at its highest level since May, indicating sustained buying pressure on the altcoin.
Call to action for traders – Buy
There is an opportunity to go back $2and maybe as deep as $1.75that traders and investors can consider as a good buying opportunity.
However, due to the current rise, such a pull cannot be done. The current flow can carry the LIT up without too much drag.
The bullish sentiment may start to break if LIT prices fall below that $2.0 and $1.75and the 4-hour bullish bias will move slowly on the sector that is close to the bottom of the $1.47 swimming down.
Brief Summary
- Investors reacted strongly after a Q2 Investor Call update that included platform updates, more updates, and plans to return.
- The price was very strong, and a major correction below the $2 emotional level was not seen.
