- Litecoin has surged by over 14%, trading in the $129 range.
- LTC’s daily trading volume has increased by more than 142%.
The crypto asset’s sharp decline in the bear market has been followed by a modest rebound. Bitcoin has surged to $105K, while Ethereum wrestles with breaching the $3.4K barrier. Meanwhile, Litecoin (LTC) has posted a 14.14% daily surge in its market price.
Some events aligned with the market recovery include the FOMC meeting—the Federal Reserve’s decision to pause the interest rate cuts and keep it steady at 4.25% to 4.5%, has assured investors. Moreover, the speculation around the Litecoin Exchange-Traded Fund (ETF) has rekindled the investor confidence.
The ETF acknowledgement from the SEC drew attention and the senior Bloomberg analyst Eric Balchunas pointed out that Litecoin ETF is the first altcoin 19b-4 to be acknowledged. Furthermore, he posed a question of how much time the SEC takes for the final approval—a full 240 days to complete the process or act faster.
In the early hours, before the wake of bulls, Litecoin slipped to the $110.28 level. Later, the LTC bulls pushed the price to hit a high of $130.41. At press time, the altcoin traded at $129.77 with its daily trading volume at $1.39 billion. Notably, the market has observed a liquidation of $2.42 million worth of Litecoin.
Are LTC Bulls Strong Enough to Persist?
As LTC’s Moving Average Convergence Divergence line crosses above the zero line while the signal line remains below it, indicates mixed momentum. The MACD being positive suggests bullish strength, but the signal line below zero hints at prevailing bearish pressure.
In addition, the Chaikin Money Flow (CMF) indicator, which measures capital flow into an asset, is positioned at -0.12, suggesting negative flow and moderate selling pressure in the market. Meanwhile, Litecoin’s daily trading volume has increased by 142%.
The four-hour price chart of LTC has exposed enough room for its further upside rally, with the immediate resistance at $131.78. On the condition that surpasses the $132 mark, Litecoin could eye a potential $136-$140 range, pointing to a resurgence in upward momentum.
However, assuming the reversal of the current upside correction, the death cross unfolded could retest LTC’s nearby $124.86 support. Should this level not hold firm, the price might likely slide toward the $120 level, functioning as a critical level for Litecoin.
Besides, the asset is in strong bullish momentum and might approach the overbought territory as the daily relative strength index (RSI) is found at 68.15. The daily trading window of Litecoin displays the short-term 9-day MA above the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
