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- The trading volume has surged by 166.11% over the last 24 hours.
- Litecoin price has risen by 11.40% in the past 2 days and has surpassed 200-day EMA.
Bears have shown their domination in a broader time frame, and the Litecoin (LTC) price chart has witnessed a slow and steady fall. Moreover, the Litecoin price has been rising through an ascending channel. It has taken support on the lower trending and has rapidly extended to the upper trendline.
Bitcoin is a leading coin that impacts all the altcoins. It has triggered a pullback and has shown a strong bullish momentum. The LTC price has triggered a breakout from the 200-day exponential moving average (EMA).
Bitcoin chart has invited buyers and is expected to remain bullish ahead. The breakout from the 200-day EMA might be successful based on Bitcoin‘s momentum. Let’s find out what the next move could be.
Is the Litecoin Price Ready to Gain 100%?
polaris_xbt (@polaris_xbt) is a cryptocurrency analyst who explained a scenario about LTC crypto. He says that the Litecoin price is in the demand zone on a monthly time frame.
MACD has shown a bullish divergence, which may lead to a bullish momentum. If we wait with the patient, it may reward about 100% in the next few months.
Technical Analysis of LTC Crypto Price Over 1-D Timeframe
When writing, Litecoin was trading at $71.74 and has remained green for the past few days by gaining 1.24% in an intraday. The market capitalization was $5.39 Billion, and the 24-hour trading volume was $842.68 Million.
After a bearish momentum, the LTC price was getting pushed from the downside. It has been rising by forming lower lows and lower highs. It has formed an ascending channel, and an extra push from the buyers might result in a trend reversal.
It could attract buyers if the Litecoin price sustains over the 200-day EMA. Positive change in the trading volume has also been noticed, which could boost the momentum.
Assuming the price starts trading over the $80 mark, buyers may be eyeing the $100 mark. If the buyers remain in the game, the price may extend to the $100 mark by the end of 2024.
The overall sentiment is bearish, and the LTC crypto price has shown a small correction. A bearish candlestick in the higher high zone could lead to a slight dip. Once the price slips below this channel could generate a bearish momentum. Also, the sellers may continue the previous trend.
According to the technical indicators, the RSI has triggered a crossover with the RSI-based moving average. The RSI has rapidly climbed to 62 from 49, heading toward the overbought zone.
Can LTC Price Remain Bullish Ahead?
Based on the recent market developments and technical analysis of Litecoin, it’s evident that the price has crossed the 200-day EMA. It has shown a notable increase in trading volume.
The ascending channel pattern and potential trend reversal indicate positive sentiment. There is a possibility of attracting more buyers if the price remains above the $80 mark. With a sustained bullish momentum, the Litecoin price could aim for the $100 mark, possibly by the end of 2024.
If the price slips below the established channel, it may generate further bearish momentum. The Relative Strength Index (RSI) has shown a notable increase. It is heading toward the overbought zone, signaling potential bullish strength.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
