thenewscrypto.com
- Litecoin has factored in a modest price increase of 0.67% in the last 24 hours.
- The altcoin’s daily trading volume has surged by 140.52% as per CMC data.
The overall crypto market has shown bearish signs in the past 24 hours. While Bitcoin slid to the $103K level, other cryptocurrencies followed suit. Ethereum has once again fallen to its support of $3.8K. On the other hand, one of the leading altcoins, Litecoin, has shown upward movements.
In the last 24 hours, Litecoin has shown a modest price increase of 0.67% as shown in its daily chart. In the Asian afternoon hours of December 17, the altcoin was trading at $118 before proceeding to fall further to an intra-day low of $114.
However, it began surging during the morning hours of December 18 to reach current levels. Moreover, Litecoin also hit a 9-day high of $131.48 during this surge. At the time of writing, LTC was trading at $119.76 as per CMC data.
Zooming out, over the past week, Litecoin depicts a price increase of 7.73% despite multiple bearish market periods. At the beginning of the week, the altcoin was trading at a low of $112.26. After several days of consolidation, it saw a surge in the past day hitting the aforementioned highs.
Will Litecoin Price Sustain the Positive Momentum?
When analyzing the price actions of Litecoin, it traces a horizontal channel pattern. This pattern is usually followed by a price breakout or a price descent. Inferring its other technical indicators, Litecoin’s Chaikin Money Flow (CMF) value stands at 0.25 indicating increased capital influx.
Additionally, the altcoin’s bull power indicator value stands at 4.60, while its bear power indicator value is at -2.29 as per TradingView data. This indicates a bullish dominance in Litecoin price actions. The cryptocurrency recently hit a two-year high at the beginning of December.
Other cryptocurrencies such as XRP and Cardano have shown bearish signals reflecting the overall market in the past day.