Litecoin Price In Pullback Zone: Could It Pump From Buying Zone?

• LTC price has jumped by 33% in the last 2 weeks.
• Litecoin improves network security by reaching a new all-time high hash rate of 1.4486 PH/s.
• LTC breaks annual transaction records and reaches an all-time high in activity.

Litecoin (LTC) crypto has triggered a breakout from the 5-month resistance level. The Litecoin price has surged by more than 30%, surpassing the key moving averages.

However, the LTC crypto price has fallen from the recent high. It has surpassed the good resistance level of $88 and still has the potential to continue the bullish trend.

The hash rate of the Litecoin network is at an all-time high. In 2024, 84 million transactions will be handled. As a result, it would be a top cryptocurrency for sales and value exchange outside the traditional banking system.

Would Litecoin Price Reclaim $100 Mark This Week?

When writing, the Litecoin price was trading at $86.04. This has declined by 0.82% in the last 24 hours. Its market value was $6.48 Billion, and the 24-hour trading volume was $871.78 Billion.

The market sentiment is bullish, and all the altcoins have witnessed outstanding performance. The price has declined slightly recently, which could be due to profit booking. Moreover, it was wandering in the pullback territory.

If the LTC crypto gains momentum and surpasses the last swing high, it could create a beautiful pullback. Exceeding this level could lift the price to the $100 mark in a single push. Buyers may dominate if the price dominates the $105 mark, and strong bullish can be anticipated.

Alternatively, sellers could be attracted if the price fails to trigger a pullback. If the price starts trading below the 20-day EMA, traders and investors prefer to book a profit. Losing the 200-day EMA might bring massive selling.

The RSI has triggered a death crossover with the RSI-based moving average regarding the technical indicators. RSI is in favor of a bearish forecast.

The MACD and the Signal line are positive, and the histograms have remained green. Most of the technical indicators are in favor of bullish forecasts.

Massive Rally in Litecoin After a Pullback?

PS trade is a crypto analyst. He claimed that LTC could be offered at a discount. He believes a dip to the buying zone of $78 could be seen. Here, buying pressure can be initiated.

$LTC
LTC has made its first growth impulse, showing that it is alive. Now the #Litecoin price is in a local correction. This is especially evident on the LTCBTC chart. Nevertheless, from the $78 range, this cryptocurrency can be considered for investment again in the medium term!… pic.twitter.com/UmCrTpHwjH

— PS trade (@PStrade2) November 19, 2024

If buying momentum is seen in this territory, the price could climb to the three-digit hurdle. The price is expected to move upward after this correction.

What could the future of Litecoin Price be?

Litecoin price has recently exhibited strong performance. That was marked by a significant price increase and a new all-time high hash rate, indicating robust network activity. Although the price has experienced a slight decline, the overall sentiment remains bullish.

LTC may gain momentum and break past the recent resistance levels, particularly the $100 mark. If this happens, this could signal further bullish potential.

However, traders should remain cautious as any failure to hold key support levels. This is because the 20-day EMA could prompt selling pressure. Watching the technical indicators will be crucial in assessing the market’s direction in the upcoming days.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.