After bouncing off a critical support level, Litecoin has regained upward momentum, signaling renewed optimism among market traders.
Litecoin (LTC) price shows bullish signs on the 4-hour chart as it trades around $65 with a potential move toward the $76.85 target. After bouncing off a critical support level, Litecoin has regained upward momentum, signaling renewed optimism among market traders. Key technical indicators now point to further gains.
Litecoin price increased by 2% and trades around $65.37 in the last 24 hours. Its market capitalization is above $4.8 billion, and its trading volume is over $410 million at the time of writing. Litecoin's market cap is up by 2%, while its trading volume increased by 42.12%.
On the 4-hour chart, Litecoin price is bullish as it trades above the 100-day Simple Moving Average (SMA) as it approaches the $76.85 level. The digital asset encountered a significant price increase after bouncing off the $50 support level, indicating a strong rise in positive momentum that could propel it to higher levels. Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator crossed above 50% and is currently around 63%, indicating that the bulls still have the upper hand and could drive the price higher.
On the 1-day chart, Litecoin price still trades below the 100-day SMA, showing bullish resilience as it gradually approached the 100-day SMA and the $76.85 level with multiple bullish momentum candlesticks, indicating positive momentum for the cryptocurrency. The RSI indicator also shows increasing positive momentum, with the signal line moving out of the overbought zone and now attempting to cross above 50%.
Recent trading activity suggests that Litecoin could reach the $76.85 level with its strong bullish momentum. If the cryptocurrency reaches and surpasses this resistance, it could trigger further positive moves toward the next resistance at $89.74. If this level is breached, it could lead to further price gains toward the $105.9 resistance level and beyond. On the other hand, if bearish pressure prevails and Litecoin fails to break through the $76.85 resistance, the price could drop toward the $57.41 support. A drop below this level may lead to a further decline to test the $50 support, with additional downward movement possible if this range is breached.
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