Litecoin price ($LTC ) traded sideways at $84.40 over the past 24 hours, after falling from a two-week high above $88. The cryptocurrency price fluctuated between $85 and $87 during today's trading session, highlighting a tug-of-war between buyers and sellers who consider $87 a ceiling.
Charts indicate an impending 'golden cross,' the moment the 50-day moving average rises above the 200-day line.
This pattern often precedes multi-week rallies, but momentum remains weak until bulls break the $87 level. The broader cryptocurrency market, according to the CoinDesk 20 Index (CD20), is only down 0.25% over the past 24 hours.
Future outlook points to a bright story. Bloomberg analysts on Monday raised the likelihood of the U.S. Securities and Exchange Commission approving spot trading funds for $XRP coins
and #Solana and #Litecoin to 95% by year-end. On Poly market, these odds are at 86%.
This approval would allow mainstream investors an easy way to own $LTC
through brokerage accounts, which may increase demand for it.
Technical Analysis Overview
Over the past 24 hours, Litecoin's price fluctuated within a $2.09 range, equivalent to 2.46%, as traders tested support and resistance levels. Sellers strongly entered the $86.65 to $87.10 range, a range confirmed by a significant surge in selloffs.
However, buyers repeatedly defended the area between $85.02 and $85.23, which served as a floor during midday trading on July 1st.
While the broader 24-hour chart shows a bearish tone, characterized by lower highs drawing a descending trendline, shorter timeframes suggest growing optimism.
Litecoin (#لايتكوين ) began to recover earlier, rising slightly from $85.22 to $85.59, an increase of 0.43%. The rise gained momentum briefly when buying volume exceeded 5,500 tokens per minute, helping Litecoin break a minor resistance level at $85.50.
Another support pocket emerged between $85.03 and $85.18 during the same hour.
In conjunction with a short-term ascending channel showing higher lows, the pattern suggests that despite overall caution, Litecoin may attempt to gain upward momentum.