Amid a neutral sentiment prevailing in the cryptocurrency market, mixed signals are being shown by various assets. Bitcoin, the largest digital asset, is being held steady around $96.5K, while Ethereum is trading 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, the price was driven by Litecoin bulls to a peak of $93.18. As of the latest update, the asset is being traded near $91.69, with its market capitalization recorded at approximately $6.94 billion.
In addition, a total of $2.15 million in Litecoin positions has been liquidated, according to data provided by Coinglass. Moreover, the daily trading volume of LTC has been reported to have reached $861 million.
Will Bulls Maintain Their Grip on Litecoin?
Should Litecoin’s trading window allow for continued upward movement, key resistance is expected to be encountered at the $95.72 level. If this threshold is surpassed, a golden cross may be triggered, potentially positioning LTC to aim for the $100 resistance level and pursue further gains.
However, if a strong reversal of the uptrend occurs, a death cross may be activated, causing Litecoin to retest the support level at $87.22. Should this support fail to hold, the price of Litecoin could be pushed back toward the $80 range, with further declines remaining possible.
The Moving Average Convergence Divergence (MACD) line has been positioned above the zero mark, while the signal line remains below it, signaling a short-term bullish momentum. This crossover is being interpreted as an early indication of an upward trend or the continuation of positive market sentiment.
Moreover, a slight positive buying pressure is being indicated by the Chaikin Money Flow (CMF) value, which is positioned at 0.03, suggesting that capital is entering the asset. At the same time, Litecoin’s daily trading volume has been observed to increase by 55.38%.
Litecoin’s daily Relative Strength Index (RSI), recorded at 64.28, indicates bullish momentum and is nearing the overbought zone, suggesting further upward movement may occur if the momentum is sustained. Additionally, a Bull Bear Power (BBP) value of 9.74 is being interpreted as a sign of bullish dominance in the market.
