- Litecoin has shown significant price increases in the last 24 hours after its recent dip.
- The altcoin’s daily trading volume has surged by 77.63% as per CMC data.
While Solana ETFs have remained the talk of the day, market conditions don’t look encouraging. Bitcoin slid to an intra-day low of $82,000 range after which it has raised to the $86K level now. Ethereum has fallen further to $2,300 causing FUD amongst investors. However, similar to other bearish cycles certain altcoins have managed to extricate themselves.
Notably, one such altcoin is the prominent Litecoin which has begun to show signs of recovery. In the last 24 hours, the cryptocurrency factored in a 9.31% increase and has retraced to previous resistance levels. The cryptocurrency had hit a low of $106 in the last few days.
In the afternoon hours of February 26, the altcoin was trading at a low of $118.25. However, as bullish candles sparked it rose to current trading levels, surpassing the $125 resistance. At the time of writing, LTC was trading at $129.62 as per CMC data.
Zooming out, into its weekly chart, Litecoin shows a 1.04% drop. This highlights the cryptocurrency’s present attempt at recovery. The altcoin, seven days ago, had been trading at a high of $133 before the market crash occurred.
Will Litecoin Sustain its Bullish Momentum?
On analyzing Litecoin’s price movements it shows a horizontal channel that was then followed by a descent. The past day’s movement has resulted in a rising trend following the descent. This shows that Litecoin might hold the potential to retain its positive momentum.
Moreover, its bull power indicator value stands at 4.35 while its bear power indicator value stands at -1.02. This indicates a clear bullish trend exhibited by the altcoin. Additionally, its RSI value stands at 55.82 indicating a neutral market sentiment as per TradingView data.
These indicators suggest that LTC might manage to return to previous highs despite current bearish market conditions. Other altcoins such as Berachain and Uniswap have also shown bullish movements in the last 24 hours.
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