Amid a neutral sentiment prevailing in the cryptocurrency market, various assets show mixed signals. Bitcoin, the largest digital asset, holds steady around $96.5K, while Ethereum trades near $1.8K. In contrast, Litecoin (LTC) has emerged as the top performer over the past 24 hours, recording a daily surge of 11.32%.
The day began with the asset trading at a low of $81.18 before bullish momentum emerged. Subsequently, Litecoin bulls drove the price to a peak of $93.18. As of the latest update, the asset trades near $91.69, with its market capitalization reaching approximately $6.94 billion.
In addition, Coinglass data shows the liquidation of $2.15 million in Litecoin positions. Moreover, LTC’s daily trading volume reached $861 million.
Will Bulls Maintain Their Grip on Litecoin?
If Litecoin continues to rise, it will likely face strong resistance around $95.72. Surpassing that level could trigger a golden cross, which may position LTC to target the $100 mark and aim for additional gains.
However, if a strong reversal of the uptrend occurs, a death cross may activate, causing Litecoin to retest the support level at $87.22. Should this support fail to hold, Litecoin’s price could push back toward the $80 range, with further declines remaining possible.
The Moving Average Convergence Divergence (MACD) line sits above the zero mark, while the signal line remains below it, signaling a short-term bullish momentum. This crossover suggests an early indication of an upward trend or the continuation of positive market sentiment.
Moreover, the Chaikin Money Flow (CMF) value, positioned at 0.03, indicates a slight positive buying pressure, suggesting that capital is entering the asset. At the same time, Litecoin’s daily trading volume increased by 55.38%.
Litecoin’s daily Relative Strength Index (RSI), at 64.28, indicates bullish momentum and nears the overbought zone, suggesting further upward movement if the momentum sustains. Additionally, a Bull Bear Power (BBP) value of 9.74 shows bullish dominance in the market.
