- Litecoin gains 5.23% in a month, backed by strong volume and renewed investor interest.
- LTC faces tough $96 resistance, tracking Bitcoin’s price pattern.
- Traders eye volume and momentum for breakout signals.
Litecoin (LTC) is back in the limelight, as the price of the altcoin continues to surge, thanks to the attention it has received from investors. The broader cryptocurrency market also seemed stable after some steadiness from weeks of market disruptions started by macroeconomic uncertainty.
LTC’s current upwards movement is very similar to that of typical Bitcoin (BTC) price movement and analysts predict in the very short term that it may follow in the footsteps of BTC. Generally, investors and traders are waiting to see if the current levels will break out, and they are more inclined to take a wait and see approach.
The latest data which is nothing but Litecoin trading at $86.85, trading volume of $309.64 million, and market capitalization of $6.58 billion. At the intraday level, market volatility may produce price fluctuations, but the asset has been stable in the last few days. Utmost positivity should be expressed regarding the potential of LTC given that it has increased by over 5.23% over a period of 30 days.
Litecoin Struggles to Break Key Resistance Zone
According to market analyst CRYPTOWZRD, Litecoin finished its latest trading session with some dichotomy as it was unable to conclusively break out or down. The altcoin flashed early signs of a rebound earlier this week but is currently hovering close to main technical levels. The most important of these is the $96 resistance mark that has been usurped as a key short-term target for potential buyers.
On the weekend, market sentiment remains cautiously bullish, in the light of the broader market’s neutral tone. Traders have increasingly relied on the pattern of the price movement of both Bitcoin and LTC’s recently price activity. Unless any visible major disruptions happen, most among the objective observers expect Litecoin to walk the Bitcoin path.
$96 Resistance Still Holds Firm for Litecoin
According to technical analysts, LTC must break beyond the $96 resistance level consistently for the price to decisively breach through that level, a level that has been cemented in recent trading cycles. Without this momentum, Litecoin may not project much directional clarity for investors, remaining locked within a narrow Price range.
Consequently, Litecoin’s intraday chart will face heightened focus moving into the weekend, where traders will lay their focus on short term technical patterns and indicators for a potential breakout. The key metrics, trading volume and momentum indicators, will be closely tracked when determining what LTC’s next move is to be.
