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<\/p>\nDespite the prevailing selling pressure in the cryptocurrency market, Litecoin has emerged as a standout performer. While the past 24 hours have not witnessed significant movement in the LTC price, the weekly chart reveals an appreciation of nearly 4%.<\/p>\n
A significant breakthrough occurred as Litecoin surpassed the crucial $90 price level, signaling a positive shift in its price. Technical analysis suggests that the bulls hold sway over the price action, with demand and accumulation indicators displaying positive signals on the daily chart.<\/p>\n
Most altcoins, including Litecoin, have exhibited similar price patterns influenced by the fluctuations of Bitcoin. Therefore, sustaining the LTC price above the $90 mark will depend on the overall strength of the broader market. Should Bitcoin reclaim the $27,000 zone, it could pave the way for Litecoin to overcome its significant overhead resistance in subsequent trading sessions.<\/p>\n
While buyers of LTC currently maintain a favorable position, it is important to note that a slight push from the bears could potentially drive the price below $90, prompting bearish activity. However, the increased market capitalization of Litecoin in the recent session suggests that buyers are currently in control.<\/p>\n
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At the time of writing, Litecoin (LTC) was valued at $91.02. The altcoin’s successful move above the $90 threshold has strengthened the bulls, who are now pushing prices even higher.<\/p>\n
However, a formidable barrier stands at $92.8. Surmounting this resistance level could potentially propel LTC toward the $97 mark.<\/p>\n
Conversely, declining the current price level would push the altcoin below $90. Should this occur, support might be found at around $86. The recent session’s trading volume of LTC was positive (green), indicating a growing demand for the coin.<\/p>\n
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Buyers have displayed consistent confidence in Litecoin (LTC) as the asset’s price has improved. This positive sentiment is reflected in the Relative Strength Index (RSI), positioned above the half-line and just below the 60 mark.<\/p>\n
This indicates more buyers than sellers, reinforcing the optimistic outlook. Moreover, LTC’s price remains above the 20-Simple Moving Average (SMA) line, indicating that buyers are driving the market’s momentum.<\/p>\n
Additionally, LTC has managed to stay above the 50-SMA (yellow) and the 200-SMA (green) lines, pointing towards increased demand for the asset.<\/p>\n
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Litecoin (LTC) demonstrated buy signals alongside other technical indicators, suggesting favorable market conditions. The Moving Average Convergence Divergence (MACD) revealed the formation of green signal bars, indicating positive momentum and a bullish trend.<\/p>\n
Furthermore, the Bollinger Bands, a volatility indicator, displayed wide bands, indicating increased price volatility and fluctuation. This implies that LTC is unlikely to trade within a narrow price range, as there is potential for significant price swings.<\/p>\n