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Litecoin (LTC) Soars to New 30-Day High; Eyeing $100 Resistance

02.06.2023
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Litecoin

  • LTCUSD shows strong bullish momentum amid increasing volatility.
  • Caution is advised as LTCUSD nears overbought levels, with resistance ahead.

Recently, the Litecoin (LTC) market witnessed a substantial surge in value, thanks to a wave of optimistic trading activity. Starting from an intraday bottom point of $89.35, enthusiastic buyers lifted the price to an intraday peak of $95.64, showcasing the coin’s robust momentum.

This marked a new 30-day high for Litecoin. The bullish trend prevailed at press time, resulting in a notable 6.48% increase, with the price reaching $95.29. During the bull rally, the LTC’s market capitalization and 24-hour trading volume increased by 6.51% and 67.56%, respectively, reaching $6,963,443,116 and $925,556,426.

LTC/USD 1-day price chart (source: CoinMarketCap)

Litecoin Price Momentum

If bullish momentum is strong enough to push prices over the $95.64 24-hour high, the next resistance level to watch is $100. In contrast, $85.75 would be the level to keep an eye on if a correction were to occur and the $89.35 support was to be broken.

The Relative Strength Index rating of 68.21 on the LTCUSD 3-hour price chart indicates that positive momentum is still intact in the market. This RSI level shows that buying pressure has been intense but also signals that a correction is possible.

As a result of this motion, traders should exercise caution, as possible resistance levels ahead might stymie additional price increases as the RSI approaches the overbought territory.

LTC/USD 3-hour price chart (source: TradingView)

Bollinger bands on the LTCUSD price chart are broadening, with the upper and lower bands reaching $95.331587 and $87.646063, respectively. This widening shows that the LTC/USD market is becoming more volatile. The formation of green candlesticks as the price action progresses toward the top band indicates that purchasing pressure is building.

With a Chaikin Money Flow Rating of 0.22, capital inflows into the LTCUSD market are modest. This suggests a roughly balanced flow of capital between buyers and sellers. If the CMF rises, it implies a greater purchasing tendency, pushing the price of LTCUSD higher.

LTC/USD 3-hour price chart (source: TradingView)

In conclusion, Litecoin’s bullish rally continues, with potential resistance ahead. Traders should exercise caution as volatility increases.

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CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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