- LTC was up by over 10% in the last 24 hours alone
- Selling pressure on LTC might rise in the coming days
Litecoin [LTC], like most cryptos, had a promising week as its value surged to double digits. This allowed the coin to go above the $100 mark. Since the coin’s price action was bullish, investors might have started to expect a continued price uptrend from Litecoin.
The Litecoin bulls are stepping up their game
CoinMarketCap’s data clearly pointed out that LTC’s value surged by more than 23% in the last seven days. Thanks to that, LTC went above a key psychological resistance level of $100, giving hope for a further uptrend.
An analysis of Santiment’s data revealed that the coin’s social volume was high, reflecting its popularity in the crypto space. The bullish price action also caused a spike in LTC’s weighted sentiment on the 27th of March, suggesting that investors’ confidence in the coin.
Source: Santiment
Rekt Capital, a popular crypto analyst, recently posted a tweet highlighting Litecoin’s breakout. As per the tweet, Litecoin successfully retested its multi-year macro-downtrend as new support, which clearly suggests that it has begun a new macro-uptrend.
The tweet also mentioned that it is crucial for the coin to remain above $94 in the coming days. Since the coin began its macro-uptrend, investors might witness LTC reaching an all-time high over the months to follow.
However, what can we expect from the coin in the short term?
Which way is LTC headed?
After having a comfortable last week, LTC still continued to dominate as the coin’s value surged by more than 10% in the last 24 hours alone.
At the time of writing, LTC was trading at $104.27 with a market capitalization of over $7.75 billion, making it the 19th largest crypto.
Our analysis of Hyblock Capital’s data revealed that, moving northward, LTC’s liquidation will rise near the $111 mark. A hike in liquidation can cause a slight price correction before it again gains bullish momentum.
Source: Hyblock Capital
We then checked LTC’s daily chart to see whether the coin’s price could reach $110 in the next few days. The analysis revealed that LTC’s price had touched the upper limit of the Bollinger Bands.
Read Litecoin’s [LTC] Price Prediction 2024-25
The Money Flow Index (MFI) was also about to enter the overbought zone. Both indicators suggested that selling pressure on the coin might increase.
Nonetheless, the MACD continued to support the buyers as it displayed a clear bullish advantage in the market.
Source: TradingView
Comments
Post a Comment