thenewscrypto.com
- LTCUSD shows strong bullish momentum amid increasing volatility.
- Caution is advised as LTCUSD nears overbought levels, with resistance ahead.
Recently, the Litecoin (LTC) market witnessed a substantial surge in value, thanks to a wave of optimistic trading activity. Starting from an intraday bottom point of $89.35, enthusiastic buyers lifted the price to an intraday peak of $95.64, showcasing the coin’s robust momentum.
This marked a new 30-day high for Litecoin. The bullish trend prevailed at press time, resulting in a notable 6.48% increase, with the price reaching $95.29. During the bull rally, the LTC’s market capitalization and 24-hour trading volume increased by 6.51% and 67.56%, respectively, reaching $6,963,443,116 and $925,556,426.
Litecoin Price Momentum
If bullish momentum is strong enough to push prices over the $95.64 24-hour high, the next resistance level to watch is $100. In contrast, $85.75 would be the level to keep an eye on if a correction were to occur and the $89.35 support was to be broken.
The Relative Strength Index rating of 68.21 on the LTCUSD 3-hour price chart indicates that positive momentum is still intact in the market. This RSI level shows that buying pressure has been intense but also signals that a correction is possible.
As a result of this motion, traders should exercise caution, as possible resistance levels ahead might stymie additional price increases as the RSI approaches the overbought territory.
Bollinger bands on the LTCUSD price chart are broadening, with the upper and lower bands reaching $95.331587 and $87.646063, respectively. This widening shows that the LTC/USD market is becoming more volatile. The formation of green candlesticks as the price action progresses toward the top band indicates that purchasing pressure is building.
With a Chaikin Money Flow Rating of 0.22, capital inflows into the LTCUSD market are modest. This suggests a roughly balanced flow of capital between buyers and sellers. If the CMF rises, it implies a greater purchasing tendency, pushing the price of LTCUSD higher.
In conclusion, Litecoin’s bullish rally continues, with potential resistance ahead. Traders should exercise caution as volatility increases.