Litecoin (LTC) Is Back in the Light with Its Price Increasing, Fueled by New Interest

Litecoin (LTC) is back in the light as its price increases and new interest in the crypto continues. The general market is also holding steady after weeks of volatility caused by macroeconomic factors. LTC’s recent trend is very similar to the direction taken by Bitcoin and is likely to follow it further upward. Traders and investors are holding back in anticipation of the breakout to the upside.

At the time of writing, LTC is trading at $86.85 with a trading volume of $309.64M in the last 24 hours and a market cap of $6.58B. The LTC price over the last 24 hours is hit by market volatility; over the last week it is stable, and over the last month it is up by 5.23% and showing signs for the next major journey.

Source: CoinMarketCap

Will Litecoin (LTC) Break $96 Resistance Or Consolidate?

According to the crypto analyst CRYPTOWZRD, Litecoin (LTC) concluded the recent trading session on a tentative note, incrementing with uncertainty after failing to confirm a clear breakout or breakdown. Earlier, after displaying optimistic indications of rebounding early in the week, this altcoin is now seen trading in the vicinity of major technical points, with the $96 resistance level emerging as a crucial short-term target for bullish momentum.

"Litecoin is showing signs of a stall after failing to break the major resistance at $96. The recent price action in LTC has been closely following Bitcoin's direction, which traders have come to rely on," the analyst stated.

During the weekend, market participants will be keeping a close eye on the scenario, especially with the macroeconomic landscape remaining a critical factor influencing the market's overall direction.

CRYPTOWZRD further added that if the broader cryptocurrency market continues to show resilience, then LTC has the potential to rally further, especially if it manages to break through the $96 resistance. However, if the market experiences a downturn, then Litecoin might return to lower levels, potentially retesting the $80 support.

"For LTC to continue upwards, it needs consistent buying momentum to break above the $96 resistance that has been present in recent trading sessions. Without that positive price move, Litecoin is in danger of remaining range-bound, leaving investors clueless about where the coin will move next."

On the weekend, the focus will be on the LTC intraday chart, with traders scanning for short-term patterns and signals that may indicate a breakout or breakdown. Among the key technical indicators, traders will be keeping an eye on volume, which will be an integral factor in determining the direction of LTC, along with momentum indicators such as RSI and MACD.