Despite increased bearish price action with Bitcoin price struggling below the $100k mark, the Litecoin price has maintained its bullish momentum by breaking out of its important resistance level in the daily time frame. This suggests an increase in the bullish action for the altcoin.
Considering the present market sentiments, is this a good time to invest in Litecoin? Or did you miss the boat? In this article, we bring you the technical sentiments and possible short-term Litecoin price analysis to understand the market trends.
The price of Litecoin has added 5.56% to its valuation over the past 24 hours with a trading volume of $981.16 million. Furthermore, it has surged 24.36% in the last seven days and has a YTD return of ~8%. With a market cap of $8.536 billion, it has secured the 19th position.
The Relative Strength Index (RSI) records a sharp rise in the daily time frame with its average trendline experiencing a bullish crossover. This suggests an increase in the buying-over-selling pressure for the altcoin in the crypto space.
On the other hand, the SMA indicator displays a positive convergence in the Litecoin price chart. This highlights a positive outlook for the 19th largest crypto token this week.
Maintaining the price above its support level of $109 could set the stage for the price of Litecoin token to retest its resistance level of $128.25. Furthermore, if the bullish sentiment sustains, this could push the price of this altcoin toward its upper resistance level of $147.25 this month.
On the flip side, if the bears outrun the bulls, the price could retest its immediate support level of $109. Moreover, if the bears dominate the crypto market, this may pull the price toward its lower support level of $100 in the coming time.
Are you one of many who are planning on investing in the LTC crypto token? Read our latest Litecoin Price Prediction to uncover the possible long-term mysteries!
If the bulls regain momentum, the Litecoin price could reach a maximum trading value of $200 this year.
With increased adoption, this altcoin could range between $402 and $528 during the year 2030.
The all-time high (ATH) of Litecoin (LTC) token is $412.96 and was recorded on 10th May 2021.
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