LTC’s Bullish Trend Could Continue Despite Its Latest Price Dip

• At press time, LTC was worth about $104.63 after a 0.15% price decrease.
• Meanwhile, technicals on LTC’s daily chart suggest the crypto’s bullish trend could continue.
• If LTC can close today’s trading session above the 9-day EMA line, it will clear a path for the crypto to climb to $120 in the following few days.

Throughout the past 24 hours of trading, the majority of the top 10 cryptocurrencies saw their prices drop, and Litecoin (LTC) was no exception to this. At press time, CoinMarketCap indicated that LTC was trading hands at $104.63 after a slight 0.15% price decrease. Despite the 24-hour loss, technicals suggest LTC remains in a bullish trend.

The daily performance left LTC trading slightly closer to its daily high of $106.27 than its 24-hour low of $99.40. Despite LTC’s price descent, its weekly performance was still firmly rooted in the green zone at +25.24%.

Ever since LTC was able to reach its all-time high (ATH) in May of 2021, the price of the altcoin has slipped by more than 74% to trade at its current level. With its market cap of $7,657,913,241, LTC was ranked as the tenth biggest crypto. This placed it right behind Solana (SOL) in the ninth position.

From a technical standpoint, LTC was resting on the 9-day EMA line after it was rejected by the major resistance level at $113.97 on Monday. The altcoin’s price had dipped below the technical indicator during yesterday’s trading session, but bulls were able to boost LTC’s price to close the daily candle above the EMA line.

Should LTC’s price drop below the 9-day EMA line in the next 24-48 hours, then it may test the crucial support level at $97.68. A break below this level may result in the crypto’s price dropping to the 20-day EMA line at approximately $94 in the following 24-48 hours.

Nevertheless, LTC will need to break below $88 for its medium-term bullish trend to come to an end. Should this happen, the crypto will break below the positive trend line that had been established on its daily chart over the past few weeks.

On the other hand, if LTC can close today’s trading session above the 9-day EMA line, then it may look to retest the aforementioned resistance level at $113.97. A break above this level will clear a path for the crypto to climb to $120 in the following few days.

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