- Litecoin is holding steady at $121 after soaring more than 10%.
- LTC’s daily trading volume has jumped over 131%.
With the Fear and Greed Index value holding at 51, the neutral sentiment is lingering in the crypto market. The day opened with the market cap gaining, and as of now, it has registered a surge of over 2.17% to $4.08 trillion, waving the green flag. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are hovering at $118.8K and $4.3K.
Among the altcoins, Litecoin (LTC) followed the market trend, and posted a 10.75% daily surge. In the morning hours, the asset traded at a low range of $109.42. Later, with the bullish shift, the LTC bulls moved high, and sent the price to a high of $121.36. At the time of writing, Litecoin traded at around the $121.37 mark.
The market cap of the asset has reached $9.32 billion, and the daily trading volume of LTC has skyrocketed by over 131%, reaching $1.4 billion. Furthermore, the market has witnessed a liquidation of $3.08 million worth of Litecoin in the last 24 hours, as per Coinglass data.
Can the Litecoin Bulls Keep Controlling the Price?
Litecoin’s recent trading window shows bullish strength, and the asset might climb high and find its key resistance at around $121.45 Upon clearing this level, the bulls could trigger the emergence of the golden cross and target a range above $121.55. With a sturdy reversal, the asset could slip back to the $121.29 mark. If this support collapses, the bears trigger the death cross to unfold, and pave the way for the Litecoin price to fall below the $121.20 support.
The Moving Average Convergence Divergence (MACD) line is settled above the signal line, which indicates bullish momentum in the asset. The buyers are stronger than the sellers, with the price may continue to rise. Besides, Litecoin’s Chaikin Money Flow (CMF) indicator at 0.27 suggests a positive money flow into the asset, but not extreme overbought conditions. The closer it gets to +1, the stronger the buying momentum.
Litecoin’s daily Relative Strength Index (RSI) of 83.96 points to an extremely high range. With the strong bullish momentum, the asset may be overextended, and could signal a potential pullback or correction. Moreover, the Bull Bear Power (BBP) reading of LTC at 13.88 signals bullish dominance, and the positive value confirms the buying pressure. The higher the number, the stronger the bulls are in controlling the market.
Source: https://thenewscrypto.com/litecoin-ltc-jumps-10-will-the-uptrend-push-beyond-125/