Analysis

Litecoin (LTC) Price Eyes 15% Jump Amid Breakout Rally?

Published

1 year ago

August 31, 2024

Down about 1% in the present day, Bitcoin’s value is hovering near the $59,000 mark. This means a rise in bearish sentiment within the crypto house. Following this, the highest altcoins have recorded comparable value motion.

Alternatively, Litecoin value has elevated by 4.89% throughout this era. This has led to this altcoin gaining a spot within the every day record of high winners. Given present market sentiment, is that this the correct time to spend money on Litecoin? Scroll down to show all of your doubts.

LTC value headed for a significant breakout?

After buying and selling underneath bearish sentiment for a brief interval, Litecoin value has jumped round 5% over the previous day with a buying and selling quantity of $334.704 million, a change of -8.78%. With this, the altcoin is about to check its necessary resistance degree, the result of which is unsure.

Litecoin Price Analysis — Commerce view: LTC/USDT

Nonetheless, the LTC coin value has registered a correction of two.32% over the previous week and eight.01% over the previous month. Regardless of a 12 months-to-Date (YTD) return of -9.87%, this altcoin has secured the nineteenth place on the worldwide crypto record with a market cap of $4.938 billion.

Litecoin market sentiments

The 50-day EMA has repeatedly acted as resistance to the LTC value chart within the 1D timeframe since June. this highlights a robust bearish affect for the altcoin within the crypto house.

Nonetheless, the Relative Power Index (RSI) has proven a pointy uptrend, pushing it previous its midpoint. Moreover, with a bullish convergence within the imply trendline, Litecoin is predicted to exhibit blended value sentiment within the close to future.

READ Bitcoin's 'Uptober' momentum fueled by pro-crypto US candidates and fading global tensions

Will LTC Rise Once more?

If Litecoin continues to realize momentum, it’ll put together to check its resistance degree at $67.40. Sustaining the worth at that degree will pave the way in which for this altcoin to move in direction of its highest resistance degree of $78.80 within the coming weeks.

Alternatively, if a bearish reversal happens, Litecoin (LTC) value will fall in direction of the essential supporting trendline at $55.75 within the close to future.