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- Litecoin at $116.74 posts a 2.4% daily rise as volume jumps 35.4% to $726.55 million in active markets.
- Analysts highlight $120 resistance with targets of $141.54 and $194.22 if momentum continues higher.
- RSI at 53.30 and MACD readings turn positive, suggesting a possible bullish crossover ahead.
Litecoin (LTC) is currently trading at $116.74 with a daily increase of 2.4%. There is increased market activity as trading volume has increased by 35.4 percent and is currently at $726.55 million. The coin has increased by 2.47 percent in the last week. Price action is gathering around resistance, and analysts believe that price can break out as long as momentum persists.
Source: CoinMarketCap
Crypto analyst Crypto WZRD highlighted that Litecoin ended the day on a positive note as the LTCBTC pair was moving upwards. The analyst noted that stronger gains could be elicited by a falling wedge breakout. In this case, the LTC may be targeting the resistance level of $140. The critical support is still the $112 mark, which is the decisive level of risk in case the momentum fails.
Source: X
Litecoin Momentum Stabilizes With Upside Potential Ahead
Moreover, another analyst, Rose Premium Signals, mentioned that Litecoin just left a Fibonacci support area, which is an indication of robustness within its market structure. The action would indicate that the momentum is stabilizing, and the possibility of a further increase might appear, provided that buyers are not inactive.
The analysts of the firm pointed out the targets at $141.54 and $194.22 as long as the bullish setup continues. They highlighted that it is not possible to move Litecoin to the higher levels unless the breakout above the current resistance is confirmed.
Source: X
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Volume and Open Interest Surge
CoinGlass data shows an increase in both spot and derivatives activity. The trading volume increased by 63.42 percent to $1.16 billion. The open interest rose 5.54 percent to $1.04 billion, and it proved the increased participation. The OI-weighted funding rate is 0.0097%, which is balanced positioning and has a slight bullish bias.
Source: CoinGlass
RSI Holds Above 50 as MACD Turns Positive
The Relative Strength Index (RSI 14) stands at 53.30 and the signal line is 51.68. This indicates a consistent movement above the neutral 50 value. The MACD line stands at 0.34, the signal line at 0.25 and the histogram is positive. These values indicate the possibility of a bullish crossover developing.
The Litecoin resistance is immediate at $120. A breakout of this level would set the stage to go to $140-$141. Any breakdown in support at $112 would undermine the short-term bullish argument. Traders are also watching volume and form to give indications of the next move.
Source: TradingView
The short-term performance of Litecoin is based on its capacity to overcome resistance. The bullish opinion is backed by stronger volume and an increase in open interest. Nevertheless, critical support levels are important. Analysts believe the following sessions will determine whether Litecoin will proceed upwards or slump into consolidation.
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