Can Buyers Succeed in Taking LTC Coin Price Above the $90 Mark?

• The LTC crypto price is consolidating between the $89.81 and $75.24 levels.
• An increase of 2.63% has been observed in the price in the last seven days’ session.
• The trading volume has increased over 80% in the last 24 hours.

Litecoin (LTC) was created as a lite version of Bitcoin (BTC), but it differs in algorithm, hard cap, and block transaction time. The protocol leverages the unique properties of blockchain technology by providing fast, secure, and low-cost payments. 

The native token LTC is an open-source cryptocurrency whose price has faced some negative situations recently. However, the crypto is hovering in a bullish demand zone, which can be an indication of major changes.

Can Bulls Sustain the Pennant Breakout in LTC Crypto?

After showing a massive rise from the end of February 2024, the LTC crypto price came to a decisional end. The price reflected an almost 35% decline from $110.47, falling to the $70.73 key bullish point of interest on April 13, 2024. That move triggered the bearish sentiments in the Litecoin price.

The crypto recorded nearly 24% negative profitability in April 2024 and closed the price in a major demand zone. Conversely, the bulls waited for this opportunity, and they entered the zone in May 2024 but failed to show enough strength. The price only recovered 4.71% in May and is facing a sideways trend.

Price to Volume and Social Dominance Analysis

From a broader perspective, the trading volume and price closely follow social sentiments. It shows that the Litecoin crypto is highly influenced by the upsurge in social tweets. 

However, social dominance has slowly faded since the end of March 24, which has also negatively affected the price. In recent sessions, the social rise had some noticeable hikes, reflecting the increasing interest of users.

Technical Analysis of the Litecoin (LTC/USD)

Source: LTC/USD Daily Chart by TradingView

The price is moving between the key exponential moving averages (EMAs), reflecting uncertainty in the trend. However, the price slightly slipped below the 200-day EMA, which could indicate increasing bearish sentiments.

The buyers have shown their presence from the $70.73 demand zone. Afterward, the price reflected a nearly 25% bullish rally and entered the consolidation phase or a sideways trend. It is trading between the $89.81 and $75.24 upper and lower consolidation levels. The LTC price has both the possibility of falling and surging in the current session.

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The relative strength index (RSI) has shown an internal bearish divergence in the current momentum, indicating increasing selling pressure. The RSI is downsloping at 40.00 below the SMA line.

Summary

Since mid-April 2024, the Litecoin crypto price has been consolidating between the $89.81 and $75.24 levels. The price recently broke above the pennant pattern, which could be a positive sign for traders. As per the current market speculations, the price reflects both possibilities based on upper and lower levels of a consolidation phase.

Technical Levels

The immediate resistance for LTC was $89.81 at the time of writing, while the $70.73 level was the next support. A price rise can be seen if the price breaks above the upper resistance. Likewise, a drop below the mentioned support can lead the price to fall further.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.