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- The Litecoin price has been struggling between the 100-day and 200-day EMAs.
- The current circulating supply of Litecoin is 88.75% in the cryptocurrency market.
Based on the chart structure, the recent bull run in the cryptocurrency market hasn’t affected Litecoin a lot. It has displayed a very slow but steady growth till now. The price gained bullish momentum in the last week of February, but bulls were not too strong to keep it up.
The sellers tried to drag the price below the 200-day exponential moving average for the past few weeks. However, buyers are somewhat strong and have managed to defend the 200-day EMA till now.
The MACD has continuously formed small histograms based on the technical indicators for the past few days. MACD line and Signal lines seem to be gaining buying momentum. RSI is 51, which has just surpassed the RSI-based moving averages and is heading toward the overbought zone.
Litecoin Price in Uptrend; Will It Regain $100 Mark Soon?
Litecoin price has been bullish and rising by taking support on the trendline and with key moving averages. The LTC crypto price faced resistance from the 20-day EMA for the past few days, but it has recently exceeded.
Suppose the trading volume increases and the chart structure manages to attract investors; the asset price may gain bullish momentum and eye for the $100 hurdle.
If the digital asset price reaches the last swing high of $110 and sustains, buyers can accumulate. Suppose the price triggers a breakout from this hurdle; buying momentum for the long term can be expected.
On the other hand, if the LTC crypto price slips below the trendline, selling momentum can be experienced for the short term. Assuming the buyers fail to defend the $60 hurdle, the selling momentum for the long term can be seen.
When writing, the Litecoin price traded at $83.54, up by 1.54% in the past 24 hours. The market capitalization is $6.22 Billion, and the 24-hour trading volume is $271.09 Million.
Price vs Social Dominance Analysis
According to the graph, social media interaction on X, Telegram, and Instagram has decreased continuously and slowly for the last few months. If the engagement on social media increases, the buying pressure can be expected.
Conclusion
Litecoin price has been in a solid bullish trend and is rising by taking support on the trendline. The LTC crypto price has managed to defend the 200-day exponential moving average till now. According to the analysts, the digital asset price might approach the $100 hurdle if the trading volume increases.
Technical Levels
According to the chart structure, the buying momentum can be interrupted near the $95 and 110 mark. The major support level for Litecoin would be $77 and $64.50.
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.
