Litecoin Price Index: LTC Remains Bullish, As Price Hits $92.77
One of the most valuable cryptocurrencies, Litecoin, has been on a positive trend for the past week. At the time of writing, LTC’s price is currently $92.77, which is as a result of the upward movement from a week ago. LTC has been gaining steam over the last week, with a weekly price increase of 17.47%. The Litecoin community has embraced this tendency since it denotes a promising future for digital currency.
The $92.86 level, which is close to the current price, is where the LTC/USD pair is currently encountering resistance. This resistance level suggests that the market may be under some selling pressure, which could result in a possible price correction. However, the $89.68 level of support suggests that there is a significant amount of purchasing interest in the market, which can support the positive trend.
Experts believe that there must be several things that could be causing the bullish trend in the market that is currently present for Litecoin. One of the primary causes is the Litecoin network’s most recent improvements, which have made it quicker and more effective. Another factor is the general rise in the popularity of cryptocurrencies, which has increased demand for Litecoin.
Technical Indicators, Others, Confirms Litecoin Positive Trend
Investigations have shown that a lot of investors have also turned to alternative investments like cryptocurrencies, which are viewed as haven assets, as a result of the current market turbulence. The demand for Litecoin has increased as a result of this as well. According to the daily chat published by Cryptopolitician, the price of Litecoin was showing an uptrend movement.
It also shows that the price is continuously surging, despite some little challenges that once made it pull back to the $90.00 level. In the published chat, the 24-hour total trading volume showed a 6.07% increase, representing $613 million; this is compared to what was applicable yesterday. In the last 24 hours (yesterday), a 1.63% increase was recorded.
According to the available technical indicators, the coin was looking all bullish, while the Moving Average Convergence Divergence (MACD) indicates that the bullish momentum may probably continue. This was because both the signal and histogram lines were all observing higher movement. Also, the Bollinger Bands indicator for Litecoin is showing a sign of progress, considering the way it is showing signs of more price increases in price soon.
Litecoin’s prospects are promising, and the present positive trend is probably going to last. However, because they can signal potential price corrections, investors are advised to keep an eye on the resistance and support levels. Litecoin is well-positioned to continue its upward trajectory in the upcoming months because of the network’s ongoing upgrades and the rising adoption of cryptocurrencies.
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