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Litecoin (LTC) has managed to maintain its upward trend despite recent selling pressure. Even with Bitcoin 
$104,739‘s price remaining below the $100,000 mark, Litecoin drew attention by breaking through a significant resistance level. Over the past week, this altcoin gained 24.36%, regaining popularity among traders. The question now arises: can Litecoin’s price hit the $150 mark in the short term? Technical analysis suggests a continuation of this upward movement. Here are the details.
Price Surpasses a Critical Threshold
In the last 24 hours, Litecoin’s price has risen by 5.56%, trading above the $109 support level. Daily trading volume reached $981.16 million, and its market capitalization grew to $8.53 billion. With this performance, Litecoin ranks 19th in the cryptocurrency market by market value.
Technical indicators also support this upward trend. The Relative Strength Index (RSI) displayed a sharp rise on the daily timeframe, sending positive signals. This indicates that buying pressure has outweighed selling pressure. The Simple Moving Average (SMA) indicator has also shown a positive crossover in Litecoin’s price chart, painting an optimistic picture for investors.
In light of these indicators, market experts believe that LTC’s price could continue its upward movement in the short term. However, it’s crucial to keep an eye on both support and resistance levels.
Will Litecoin Price Climb to $150?
Staying above the $109 support strengthens the likelihood of testing the $128.25 resistance level. If this level is breached, the price of this altcoin is expected to rise to $147.25. These price levels hold critical importance for traders.
However, considering the market’s highly volatile nature, if bears regain control, Litecoin’s price may retest the $109 level. Should it fall below this support level, a decline to $100 in the short term appears likely.
