Litecoin Price Analysis: Can LTC Break Past Resistance at $96?
- Litecoin is showing renewed momentum, closely following Bitcoins price trend.
- Traders are watching for a potential breakout as LTC approaches a key resistance level.
- Market sentiment remains cautiously optimistic despite broader crypto stability.
- Technical indicators suggest Litecoin may be gearing up for its next major move.
Litecoin (LTC) is back in the light with its price increasing, fueled by new interest. Even the general market is steady after weeks of volatility caused by macroeconomic factors. LTCs recent trend is very similar to the direction taken by Bitcoin and is likely to follow it further upward. Traders and investors are holding back in anticipation of the breakout to the upside.
At the time of writing, LTC is trading at $86.85 with a trading volume of $309.64M in the last 24 hours and a market cap of $6.58B. The LTC price over the last 24 hours is hit by market volatility; over the last week it is stable, and over the last month it is up by 5.23% and showing signs for the next major journey.
Source: CoinMarketCap
Will Litecoin (LTC) Break $96 Resistance or Consolidate?
According to the crypto analyst CRYPTOWZRD, Litecoin (LTC) concluded the recent trading session on a tentative note, ending with uncertainty after failing to confirm a clear breakout or breakdown. Previously, after exhibiting optimistic indications of rebounding early in the week, this altcoin is now trading close to major technical points, with the $96 resistance point becoming a vital short-term objective for bullish momentum.
Market players are cautiously optimistic during the weekend, but expectations are moderated by the general markets steady tone. The recent price developments in LTC have closely followed those of Bitcoin, and traders have come to depend on doing so. As long as Bitcoin continues its relatively steady trajectory, most expect that Litecoin will do the same unless something big happens.
Source: X
Technical experts note that LTC must have consistent upward momentum in order to break above the $96 resistance that has been in place in recent trading periods. Without that favorable price move, Litecoin is in danger of staying stuck in a range, giving investors no clear idea of the direction it will move in.
On the weekend, all eyes will be on the intraday chart of Litecoin, with traders turning to short-term patterns and signals that may show a breakout. Volume will be one of the most crucial factors, along with momentum indicators, in determining the direction of LTC.
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Read more: https://www.tronweekly.com/litecoin-price-analysis-can-ltc-break-past-resistance-at-96/
Text source: TronWeekly
