- Litecoin is trading at $108 after a spike of over 6%.
- The trading volume of LTC has surged by more than 43%.
The cryptocurrencies were facing considerable losses during the bearish ride for the last few days. Today, the market cap has recorded a gain of over 4.14%, pushing the assets to enter the green zone. Notably, the largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading on the upside. Meanwhile, among the altcoins, Litecoin (LTC) exhibits a daily surge of 6.07% in market price.
In the early hours, the altcoin was trading at around $99.16. Later, with the bullish shift in the LTC market, the price jumped to a high of $113.24. A continuous correction on the upside would trigger the bulls to gain more strength and drive the price movement upward.
According to the report of CoinMarketCap data , at the time of writing, Litecoin trades at the $108 mark, with its market cap staying at $8.26 billion. In addition, the trading volume of LTC has increased by over 43.9%, reaching the $1.82 billion zone.
Can the Bulls Keep Litecoin’s Momentum Alive?
A closer look at Litecoin’s technical indicator analysis exhibits that the MACD line being above the signal line indicates bullish momentum in the market. The price could continue moving up if the gap between the two lines widens. Besides, a 0.05 CMF value suggests slightly positive buying pressure in the LTC market. The capital is flowing into the asset, but the strength of accumulation is not very strong, with a mild bullish sentiment rather than a strong uptrend.
LTC chart (Source: TradingView )
LTC’s daily RSI of 65.13 implies its strong bullish momentum. If it continues to climb toward 70 or above, it might signal a potential overbought condition or a possible trend slowdown ahead. Moreover, a BBP reading of 12.57 signals that the bulls currently have strong control over the market. The positive value shows that buying pressure is outweighing selling pressure, with continued upward momentum.
The current price movement shows the bull run, and if it persists, the bulls could break through the $108.15 resistance. An extended upside correction might trigger the Litecoin price to test the $108.30 level. Conversely, assuming a drop below the $107.90 support range, the asset might strengthen the bears. Further downside pressure would likely send the price down to its former critical support at below $107.75.
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