- Litecoin is trading in the $88 range after a 4% surge.
- LTC’s daily trading volume has jumped by more than 31%.
With the neutral sentiment in the crypto market, the assets exhibit mixed signals. The largest asset, Bitcoin, trades at $94.6K, while Ethereum hovers at $1.8K. Meanwhile, Litecoin (LTC) has registered a solid 4.47% gain.
Litecoin opened the day trading at a low of around $84.15 before the bulls took control. The emerging bulls have sent the price to a high of $90.88. The asset has broken through the crucial resistance level at $89.77. LTC traded within the $88.61 range at the time of writing.
Furthermore, the market has witnessed a liquidation of $1.22 million worth of Litecoin, as per Coinglass data. In addition, the daily trading volume of the asset has increased by 31.93%, reaching $509 million.
Will LTC Build on Its Recent Momentum?
The four-hour price chart of Litecoin reports the positive momentum, with adequate room for further upside recovery. The asset could jump to its initial resistance at the range of $89.78. Upon clearing this level, LTC might eye the crucial $93 to hit the $100 level.
Assuming a reversal of the uptrend is likely to flip to the negative zone, forms a potent death cross. It will let Litecoin retest the $87.11 support. If this support level collapses, the LTC price could fall back toward the $84 mark, acting as a crucial price point for the asset.
LTC’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line, signalling a bullish crossover. The upward price trajectory may continue as buying pressure builds.
Moreover, the Chaikin Money Flow (CMF) indicator is positioned at 0.02, implying a mild bullish bias with modest capital inflow into the asset and a slight positive buying pressure in the market.
The daily relative strength index (RSI) of 60.10 suggests moderately strong positive momentum and might approach overbought territory. Besides, the Bull Bear Power (BBP) reading of 4.499 indicates that bulls currently have the upper hand in the market.
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