Litecoin Surpasses $90, But This Level Remains Crucial For The Altcoin
May 22 2023 - 5:00PM
NEWSBTC
Despite the prevailing selling pressure in the cryptocurrency
market, Litecoin has emerged as a standout performer. While the
past 24 hours have not witnessed significant movement in the LTC
price, the weekly chart reveals an appreciation of nearly 4%. A
significant breakthrough occurred as Litecoin surpassed the crucial
$90 price level, signaling a positive shift in its price. Technical
analysis suggests that the bulls hold sway over the price action,
with demand and accumulation indicators displaying positive signals
on the daily chart. Related Reading: Role Reversal: Ethereum Defies
Expectations With Lower Volatility Than Bitcoin Most altcoins,
including Litecoin, have exhibited similar price patterns
influenced by the fluctuations of Bitcoin. Therefore, sustaining
the LTC price above the $90 mark will depend on the overall
strength of the broader market. Should Bitcoin reclaim the $27,000
zone, it could pave the way for Litecoin to overcome its
significant overhead resistance in subsequent trading sessions.
While buyers of LTC currently maintain a favorable position, it is
important to note that a slight push from the bears could
potentially drive the price below $90, prompting bearish activity.
However, the increased market capitalization of Litecoin in the
recent session suggests that buyers are currently in control.
Litecoin Price Analysis: One-Day Chart At the time of writing,
Litecoin (LTC) was valued at $91.02. The altcoin’s successful move
above the $90 threshold has strengthened the bulls, who are now
pushing prices even higher. However, a formidable barrier stands at
$92.8. Surmounting this resistance level could potentially propel
LTC toward the $97 mark. Conversely, declining the current price
level would push the altcoin below $90. Should this occur, support
might be found at around $86. The recent session’s trading volume
of LTC was positive (green), indicating a growing demand for the
coin. Technical Analysis Buyers have displayed consistent
confidence in Litecoin (LTC) as the asset’s price has improved.
This positive sentiment is reflected in the Relative Strength Index
(RSI), positioned above the half-line and just below the 60 mark.
This indicates more buyers than sellers, reinforcing the optimistic
outlook. Moreover, LTC’s price remains above the 20-Simple Moving
Average (SMA) line, indicating that buyers are driving the market’s
momentum. Additionally, LTC has managed to stay above the 50-SMA
(yellow) and the 200-SMA (green) lines, pointing towards increased
demand for the asset. Litecoin (LTC) demonstrated buy signals
alongside other technical indicators, suggesting favorable market
conditions. The Moving Average Convergence Divergence (MACD)
revealed the formation of green signal bars, indicating positive
momentum and a bullish trend. Related Reading: Bitcoin Volatility
Shrinks To Historical Levels, Violent Move Incoming? Furthermore,
the Bollinger Bands, a volatility indicator, displayed wide bands,
indicating increased price volatility and fluctuation. This implies
that LTC is unlikely to trade within a narrow price range, as there
is potential for significant price swings. Featured Image From
UnSplash, Charts From TradingView.com
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Litecoin (COIN:LTCUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024