• 26 May, 2024

Litecoin’s price surges above $70 as Market cap rises

The recent Litecoin price analysis reveals LTC has been bullish in recent weeks. The crypto asset broke above $70 and is now attempting to retest the top of the green area as support. Litecoin needs to Monthly Close above green (around $75) to confirm a successful retest before heading into 2023. Litecoin is trading at $70.28, with a trading volume of $440,419,692.

Litecoin’s weekly chart:Coinmaketcap

Litecoin is one of the most popular cryptocurrencies and has been gaining a lot of attention due to its impressive bull run. Litecoin performed a November 1M Close above green and, as long as it stays above $67 heading into the December Monthly Candle Close, LTC could set itself up for a bullish start to 2023. Litecoin’s ability to break and hold above key resistance levels is a sign of further bullishness.

Investors are looking toward Litecoin’s performance in the coming week, as the cryptocurrency continues its bull run into the new year. Litecoin is currently trading at $73 according to CoinMarketCap and is up over 1.69% in the past 24 hours. Litecoin’s market cap has also been rising steadily and is now above $5.05 billion at press time.

Litecoin Technical Analysis

Litecoin’s price is trading well above the major support levels of $66, $62, and $59. The MACD shows a bullish crossover on the daily chart indicating that buyers have gained control over the market.

The RSI is also in the overbought zone, indicating that Litecoin could potentially come under some selling pressure near-term. However, if LTC succeeds in maintaining its price above the $70 level, it could be on track to test higher resistance levels in the near future.

Looking at the moving averages, the 50-day SMA and the 200-day SMA are both trading above the current LTC price. This suggests that Litecoin is still in an uptrend, as long as it remains above these key averages.

LTC/USD daily chart:TradingView

The next major resistance level for Litecoin lies around $77, which could be tested if buyers continue to drive the price upwards. On the downside, any pullback is likely to find immediate support at $70 followed by $67 and then $65.

Overall, Litecoin’s price surge looks set to continue for the foreseeable future as investors remain optimistic about the coin’s prospects in the coming months. With its impressive performance in recent weeks, Litecoin has become one of the leading cryptocurrencies and could potentially set itself up for a strong start to 2023.  Investors should keep an eye on any developments with Litecoin in the coming week, as it could have a major impact on its price.

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