trading volume rises and the LTC chart risesAccording to the chart’s layout, Litecoin hasn’t been significantly impacted by the recent bull run in the cryptocurrency market. It has exhibited a gradual but consistent growth till now. In February last week, the LTC price achieved slight bullish momentum, but bulls were not too strong to keep the pace up.
In the past few weeks, the sellers have been attempting to push the price below the 200-day exponential moving average. However, buyers have managed to defend the 200-day EMA so far.
Based on the technical indicators, the MACD has continuously developed small histograms over the last few days. Signal line and MACD lines appear to be gaining buying momentum. RSI is 51.01, which has just surpassed the 14-SMA from below and seems headed toward the overbought zone.
Can Litecoin Claim $100 Mark? Let’s Decode On Daily Chart
At the press time, the Litecoin price traded at $83.24, which is up by 1.01% in the past 24 hours. The market capitalization is $6.21 Billion, and the 24-hour trading volume is $271.14 Million.
Litecoin's price has been on an upward trend, increasing while finding support on the trendline and key moving averages. For the last few days, the Litecoin crypto price has been facing hurdles from the dynamic 20-day EMA, but recently it has jumped over it with a weekly performance showing 2.36%.
If the trading volume rises and the LTC chart setup appeals to potential investors, the Litecoin asset price could experience bullish momentum and could aim for the $100 obstacle in the future.
Moreover, buyers may start accumulating if the Litecoin price reaches and holds above the previous swing high of the $88.50 price mark, it could spike above. In a scenario, if the price triggers a breakout from this hurdle at $88.50, then buying momentum for the long term can be expected to test the supply level. Likewise, once the supply happens to be breached, the doors would open for more upward momentum.
However, should the LTC cryptocurrency price fall below the trendline or the previous swing low at $78, there could be a short-term increase in selling pressure. Meanwhile, if buyers fail to defend the $60 resistance, then selling pressure for the long term can be observed.
