cryptocurrency The market continues to trade positively, with tokens registering significant fluctuations in their respective portfolios. Moreover, Bitcoin price continues to trade above the $72,000 level, indicating a strong bullish influence in the crypto space.
on the other hand LitecoinAfter displaying a neutral trend for a short period of time, it successfully regained momentum. LTC price has increased by 13.5% in the last 24 hours and nearly 40% in the last 30 days, causing it to retest the major resistance level.
LTC Gains $100 Back for the First Time in 8 Months
Litecoin price has traded in a closed range between $67.43 and $71.90 for more than two weeks, indicating weak buying and selling pressure for the token in the sector. As volatility increased, the bulls made an 18.5% jump, after which the price trended neutral for the next two days.
Following this, Litcoin price started trading under a bullish influence and added 31.69% over the next three days, after which the bulls were rejected at the $94.69 resistance level and the price traded sideways for a while. The LTC token later recorded a 15.52% correction on the chart.
After testing the low of $77.29, the bulls gained momentum and recorded a bounce in the valuation, after which the price traded in a closed range for a while. Recently, the bulls recorded a 21.43% bounce before being rejected at $105.05. Since then, the price has been trading under a bearish influence and testing the resistance/support level.
The Moving Average Convergence Divergence (MACD) is showing a continuous decline in the green histogram, indicating increasing selling pressure in the crypto space. Additionally, the averages show a flat line, indicating uncertainty in the future price movement of this altcoin.
Will Litecoin Price Rise in 2024?
Koinfinans.com As we reported, if the market holds the price above the $98.94 support level, the bulls will gain momentum and test the $105.05 resistance level. Holding the price at this level will set Litecoin’s price to test the upper resistance level of $110 this month.
On the downside, a trend reversal could cause LTC price to break the support level and test the lower support level at $94.69. Moreover, if the bears continue to outmaneuver the bulls, the LTC token will lose strength and prepare to test the $86.51 low.
