U.S. equity markets remain muted ahead of key central banks’ events. BTC gains 0.20%, while ETH rose 0.25%
Litecoin (LTC) price remains mildly bullish for the day. The price opened higher, and after correcting to the lows of $91.26, the LTC price bounced back indicative of the buying sentiment among investors. However, meeting new milestones in transactions and hash rate milestones LTC remains sidelined since January 25.
On January 27, the Litecoin network announced that it had facilitated slightly over 142 million transactions. A few days back in the same week, the hash rate peaked at 742.30 TH/S. This signifies the network’s strength and security boost. But, the price remains in limbo.
As of press time, LTC/USD reads at $93,94, with gains of 2.50% for the day. As per Coinmarketcap, the 24-hour trading volume of the 13th largest token by market cap holds at $840,708,925 with mild gains. A rise in the price with volumes is a bullish sign
LTC price trades near critical level
From a technical perspective, the hourly chart suggests the bulls are looking for signs to sustain the upside momentum. As the price rebounds to the 21-day Exponential Moving Average (EMA) after a quick slippage in today’s session, meaning the buyers are participating near lower levels to capitalize on the bargain hunting.
Further, the bulls managed to breach the descending channel defying the correction begins in the previous session.
A daily candlestick above the session’s high of $96.20 would confirm the continuation of the momentum. If this happens the immediate upside target will be $98.0. Next, market participants would aspire to the psychological $100.00.
On the other hand, the downside is capped near $92.00.