Litecoin is trading at $123 after an 11% increase.
The trading volume of Litecoin increased by over 176%.
As market neutrality continues, cryptocurrencies showed mixed signals. Prices fluctuate between green and red candles, with Bitcoin (BTC) stabilizing at $114.3 thousand, while Ethereum (ETH) hovers around $3.6 thousand. Among alternative coins, the price of Litecoin (LTC) jumped by 11.78%, making it one of the top three gainers of the day.
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Litecoin opened its daily trading at its lowest point of $110.51. Later, upward pressure pushed the price to its highest point of $123.59, breaking through the main resistance level between $110.57 and $123.53. According to CoinMarketCap data, the price of Litecoin at the time of publication was approximately $123.19.
Moreover, the market capitalization reached $9.4 billion, with Litecoin's daily trading volume increasing by over 176%, touching the $1.52 billion mark. According to CoinGlass data, the market saw a liquidation of $2.69 million in Litecoin over the past twenty-four hours.
Will Litecoin bulls maintain control this time?
The technical indicators analysis for Litecoin shows that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This indicates bullish momentum. With this crossover, price momentum strengthens and suggests a potential upward trend. Furthermore, the Chaikin Money Flow (CMF) is at 0.22, indicating strong buying pressure in the market. Capital flow into the asset is also likely, which is often considered a bullish signal.
LTC chart (Source: TradingView)
The four-hour chart indicates the possibility of further upward price correction for Litecoin, and the price may face resistance at the $121.74 range. If this level is surpassed, Litecoin may trigger a golden crossover, targeting the major resistance area above $121.82. Conversely, assuming momentum fails and bears form a deadly crossover, they may allow Litecoin to slip and retest the support level of $121.58. The price could retreat deeply below $121.50 if the main support level collapses.
LTC chart (Source: TradingView)
Moreover, the daily Relative Strength Index (RSI) value of 80.05 indicates that the asset is in a severely overbought area. This may suggest a price correction or a market pullback. The Bull Bear Power (BBP) reading for Litecoin, at 12.21, confirms a strong upward trend, with bulls dominating the asset, suggesting that its price will rise. If this upward movement continues, the bullish trend may persist.
