Litecoin (LTC) Volume Jumps 127%, Can the Bulls Keep the Flame Alive?

• Litecoin has gained 8% and is currently trading at $127.
• LTC’s trading volume has surged by over 178%.

With the neutral sentiment spread across the market, the crypto assets are waving both the red and green flags. Their price trajectory is creating an up-and-down movement. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), hold their prices at $121.1K and $4.3K. Meanwhile, Litecoin (LTC) has jumped by over 8.41%. 

LTC was one among the trending coins of the day, and it opened the day trading at a bottom range of $115.66. Later, with the positive market sentiment, the bulls sent the price up to a high of $132.55, breaking the resistance zones between $115.80 and $132.40. As per CMC data, Litecoin currently trades at around $127.76. 

Besides, the market cap of the asset has touched $9.85 billion, with the daily trading volume skyrocketing by over 178%, reaching the $2.01 billion mark. As per the reporting of the Coinglass data, the market has observed a liquidation of $5.89 million worth of Litecoin during the last 24 hours.

Can Litecoin Bulls Maintain the Long-Term Momentum?

Litecoin’s potential uptrend might trigger its price to find its key resistance at $128. If the bullish pressure gains more momentum, the golden cross could unfold and push the price to the high targets. Assuming the uptrend collapses and the bears appear, Litecoin could fall immediately to the $126 support. With the emergence of the death cross, the price could retrace steeply. 

The Moving Average Convergence Divergence (MACD) line of Litecoin is found above the signal line. This generally indicates a positive sentiment in the market. Also, gives a hint of an upward price movement. The larger the gap between the lines, the stronger the uptrend. 

In addition, LTC’s Chaikin Money Flow (CMF) indicator is stationed at 0.13, suggesting a mild buying pressure in the market. As the value is positive, above 0, the money is flowing into the asset, showing accumulation rather than a strong uptrend.

The daily Relative Strength Index (RSI) value of LTC at 68.55 signals that it may approach the overbought territory above 70. A pullback or consolidation might occur. Furthermore, Litecoin’s Bull Bear Power (BBP) reading of 14.19 implies strong bullish dominance. The bigger the positive value, the stronger the buying pressure in the market.

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