Litecoin (LTC) Price On The Path Of A Major Break Out? Will LTC Rise Again?
- WBOYOriginal
- 2024-08-31 21:19:15866browse
After trading under a bearish sentiment for a brief period, the Litecoin price has recorded a jump of approximately 5% within the past day with a trading volume of $334.704 Million
After a slight drop of about 1% today, Bitcoin’s price is seen to be close to its $59,000 mark. This indicates a rise in the bearish sentiment within the crypto space. Following this, the top altcoins have recorded a similar price action.
However, the Litecoin price has noted a jump of 4.89% during this time. This has led this altcoin to secure a spot in the daily top gainers list. With the present market sentiments, is this the right time to invest in Litecoin? Continue reading to clear all your doubts.
LTC Price On The Verge Of A Major Break Out?
After trading under a bearish sentiment for a short while, the Litecoin price has recorded a jump of about 5% within the past 24 hours. This is noted with a trading volume of $334.704 Million, indicating a change of -8.78%. With this, the altcoin is on the verge of testing its important resistance level, the outcome of which is yet to be determined.
On the other hand, the LTC coin price has recorded a correction of 2.32% within the past week and 8.01% over the past 30 days. Despite this, the altcoin has secured the 19th position in the global crypto list with a market capitalization of $4.938 Billion. This is noted with a Year-to-Date (YTD) return of -9.87%.
Litecoin Market Sentiments
The EMA 50-day has continually acted as a resistance to the LTC price chart in the 1D time frame since June. This highlights a strong bearish influence for the altcoin in the crypto space.
However, the Relative Strength Index (RSI) has displayed a sharp uptrend, resulting in it breaching its mid-point. Further, with a bullish convergence in its average trendline, Litecoin is predicted to display a mixed price sentiment in the coming time.
Will LTC Show A Rise Again?
If Litecoin continues gaining momentum, it will prepare to test its resistance level of $67.40. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $78.80 during the upcoming weeks.
On the contrary, if a bearish reversal occurs, the Litecoin (LTC) price will plunge toward its crucial support trendline of $55.75 in the coming time.
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