- Most leading cryptocurrencies, including Litecoin, experienced a decline in prices.
- Despite the loss, LTC’s technical indicators suggest a bullish trajectory.
- LTC’s weekly performance remains strongly positive with a notable gain of +25.24%.
Over the last 24 hours, the prices of most of the leading cryptocurrencies experienced a decline, and Litecoin (LTC) was not an exception to this trend. According to CoinMarketCap, LTC is being traded at $104.63, reflecting a marginal decrease of 0.15% in its price. However, despite this loss observed in the past day, the technical indicators suggest that LTC is still following a bullish trajectory.
LTC’s trading performance today saw it edging closer to its daily peak of $106.27 rather than its lowest point of $99.40 within 24 hours. Despite a decline in LTC’s price, its weekly performance remained strongly positive, firmly in the green zone, with a notable gain of +25.24%.
Since reaching its all-time high (ATH) in May 2021, LTC has experienced a significant decline of over 74% in its price, currently trading at a lower level. With a market capitalization of $7,657,913,241, LTC is tenth among the largest cryptocurrencies. It closely trails Solana (SOL), which occupies the ninth spot in the rankings.
From a technical perspective, LTC found support at the 9-day Exponential Moving Average (EMA) line following its rejection at the significant resistance level of $113.97 on Monday. Although the altcoin’s price briefly fell below the EMA line during yesterday’s trading session, bullish momentum prevailed, pushing LTC’s price to close the daily candle above the EMA line.
If the price of LTC falls below the 9-day EMA line within the next 24-48 hours, it will likely encounter a significant support level at $97.68. A breach below this level could lead to a further decline in the cryptocurrency’s price, with a target of the 20-day EMA line around $94 within the subsequent 24-48 hours.
However, LTC must breach the $88 mark to terminate its bullish trend in the medium term. In the event of this occurrence, the cryptocurrency will surpass the positive trend line consistently forming on its daily chart throughout recent weeks.
Alternatively, if LTC successfully concludes today’s trading session above the 9-day EMA line, it may indicate a potential retest of the mentioned resistance level at $113.97. A breakthrough above this threshold would pave the way for further upward movement, potentially propelling the cryptocurrency towards the $120 mark within the upcoming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
