The Layer 1 crypto Litecoin (LTC) was seen in the 24-hour top gainers list, and Bitcoin(BTC) hit $97,000. Litecoin movement is a highlight of market, as the coin performed even after the negative news of the US SEC’s delaying the Litecoin Spot ETF applied by Canary Capital.
LTC performance readings on a short term show a corrective approach, while the long-term performance is impressive and fuels new high cycles.
Litecoin faces increased selling pressure.
The Litecoin’s contrary performance to negative fundamentals is a breakthrough, and gaining back the $90 zone has also attracted confidence in the asset.
On the other hand, the key indicators, MACD and CM,F show an upcoming cooling period and potential selling.
The Chaikin Money Flow (CMF) indicator, which measures buying and selling pressure, is at the centre line(0), indicating weakening buying pressure, despite the rising prices.
Litecoin in the short term could lose its upward momentum.
On the other hand, Litecoin’s on-chain data Network Realized Profit/Loss (NPL) shows an increase in several unrealized gains, and this can turn the LTC market greedy anytime.
Litecoins Weekly Chart Is Admiring
LTC/USD in the weekly chart reflects its admirable performance since July 2022. The asset has created an upward channel while attempting a horizontal breakout 3 times.
After being rejected by the top and a dramatic drop below the reversal, the price is now nearing the centre line, which is at the $100 mark. The RSI is approaching 50 from the bottom, andthe MACD is heading toward closing to 0, showing the momentum turning towards neutral
Litecoin, the Good ride ahead
In conclusion, as we see Litecoin’s performance since its April dips has been a great comeback to create key resistance $100.
If the buyers loose control, we can see a price dril to $85 and of the market cycle continues to be bullish $105 is on the cards in next 2 weeks.
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