LTC Price Surges as Bulls Outmatch Bears: Will the Resistance Hold?
The bear’s effort to halt the bullish trend in Litecoin (LTC) was defeated earlier in the day when support was established at the 24-hour low of $86.39. Bulls successfully increased the price of LTC from this low to $89.59 before hitting resistance. Despite this obstacle, LTC was bullish at the time of publication, as seen by its 1.63% gain to $89.28.
Due to the market’s bullish momentum, LTC’s market capitalization and 24-hour trading volume increased by 1.64% and 5.32%, respectively, to $6,496,493,453 and $514,251,473.
If the bullish trend continues and LTC breaks over the $89.59 resistance level, the next target for LTC is $92.50, while a negative downturn might lead to a regression toward the $86.39 support level.
On the LTC/USD chart, the Klinger oscillator value of 437 indicates that the market is experiencing significant bullish momentum and buyers are in charge. If the oscillator value remains over 400, it may signal that a price hike is imminent.
This bullish momentum may be verified when the Vortex indicator (blue) moves over its signal line with a reading of 1.0941 and signal line 0.8871, indicating that traders may consider purchasing the asset in expectation of a price gain.
The positive trend in LTC is gathering strength, with a Relative Volatility Index value of 68.72, suggesting that the price of Litecoin may continue to increase. The rising trading volume further supports this trend and implies that traders and investors are more interested in Litecoin, which might increase the cryptocurrency’s price.
The Relative Strength Index score of 54.85 indicates that Litecoin has the potential to rise and is not yet overbought. Its rising movement supports the notion that LTC is on the rise, and investors may want to consider adding Litecoin to their portfolio for potential gains.
In conclusion, LTC’s bullish momentum shows no signs of slowing down, with the potential for further price increases and investors eyeing potential gains.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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