The cryptocurrency market continues to trade positively, with the elite tokens recording significant fluctuations in their respective portfolio. Further, the price of Bitcoin continues to trade above the $72,000 mark, indicating a strong bullish influence in the crypto space.
On the other hand, the Litecoin has successfully regained momentum after displaying a neutral trend for a brief period. The LTC price has added 13.5% within the past 24 hours and approximately 40% over the past 30 days, resulting in it retesting its major resistance level.
LTC Reclaims $100 For The First Time In 8 Months!
The Litecoin price traded in a closed range between $67.43 and $71.90 for over two weeks, indicating a weak buying and selling pressure for the token in the industry. As the volatility increased, the bulls jumped 18.5%, after which the price displayed a neutral trend for the next two days.
Following this, the Litcoin price started trading under a bullish influence and added 31.69% within the next three days, after which the bulls faced rejection at the resistance level of $94.69, and the price traded sideways for a while. The LTC token then recorded a correction of 15.52% in the chart.
After testing its low of $77.29, the bulls regained momentum and recorded a bounce back in the valuation, following which the price traded in the closed range for a while. Recently, the bulls recorded a jump of 21.43% before facing rejection at $105.05. Since then, the price has been trading under a bearish influence and is testing its resistance/support level.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, indicating increased selling pressure within the crypto space. Further, the averages show a flatline, suggesting uncertainty in the future price action of this altcoin.
Will Litecoin Price Go Up In 2024?
If the market holds the price above the support level of $98.94, the bulls will regain momentum and test its resistance level of $105.05. Maintaining the price at that level will set Litecoin’s price to test its upper resistance level of $110 this month.
Negatively, a trend reversal may result in the LTC price breaking down its support level and testing its lower support level of $94.69. Moreover, if the bears continue to overpower the bulls, the LTC token will bleed and prepare to test its lower level of $86.51.
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