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Despite the prevailing selling pressure in the cryptocurrency market, Litecoin has shown outstanding results. While there has been no significant movement in the LTC price over the past 24 hours, the weekly chart shows an increase of almost 4%.
A significant breakout came when Litecoin broke the critical $90 price level, signaling a positive move in its price. Technical analysis shows that the bulls are in control of the price action, and the demand and accumulation indicators show positive signals on the daily chart.
Most altcoins, including Litecoin, have shown similar price patterns that have been affected by Bitcoin fluctuations. Thus, maintaining the LTC price above the $90 mark will depend on the overall strength of the market as a whole. If Bitcoin regains the $27,000 zone, this could open the way for Litecoin to overcome significant resistance in subsequent trading sessions.
While LTC buyers are currently in a favorable position, it is important to note that a small push from the bears could potentially send the price below $90, triggering bearish activity. However, the increase in Litecoin’s market cap in the recent session suggests that buyers are now in control.
Litecoin Price Analysis: One-Day Chart
Litecoin traded at $91.02 on the 1-day chart | Source: LTCUSD on TradingView
At the time of writing, Litecoin (LTC) is valued at $91.02. The successful movement of the altcoin above the $90 threshold has strengthened the bulls, who are now pushing prices even higher.
However, the formidable barrier is $92.8. Breaking this resistance level could potentially push LTC towards $97.
Conversely, a decrease in the current price level will cause the altcoin to drop below $90. If this happens, support can be found around $86. The trading volume of LTC in the recent session was positive (green), indicating a growing demand for the coin.
Technical analysis
Litecoin showed positive purchasing power on the 1-day chart | Source: LTCUSD on TradingView
Buyers showed continued confidence in Litecoin (LTC) as the price of the asset improved. This positive sentiment is reflected in the Relative Strength Index (RSI) above its midline and just below 60.
This indicates that there are more buyers than sellers, which reinforces the optimistic outlook. Moreover, the price of LTC remains above the 20-simple moving average (SMA) line, indicating that buyers are driving the market momentum.
In addition, LTC managed to stay above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased demand for the asset.
Litecoin showed buy signals on the 1-day chart | Source: LTCUSD on TradingView
Litecoin (LTC) showed buy signals along with other technical indicators indicating favorable market conditions. The convergence-divergence of moving averages (MACD) showed the formation of green signal bands, indicating a positive momentum and a bullish trend.
In addition, Bollinger Bands, an indicator of volatility, displayed wide bands, indicating increased volatility and price fluctuations. This means that it is unlikely that LTC will trade in a tight price range as there are significant price fluctuations.