Litecoin (LTC) has factored in a significant 16.75% price increase in the last 24 hours.
The altcoin’s daily trading volume has surged by 299% as per CMC data.
With Altseason still in full swing, new top performers have appeared every other day. Particularly certain tokens such as Bonk, PNUT, and Worldcoin have taken turns staging significant bullish cycles. While the stats on Bitcoin and Ethereum signal minor dips in the past day, it is safe to say altcoins have taken to the spotlight this week.
One specific altcoin, which staged previous rallies but went quiet afterward is Litecoin. This cryptocurrency has shown significant positive momentum in the past day. It has factored in a 16.75% price increase as the bullish rally takes control. In the afternoon hours of December 2, the altcoin was trading at a low of $101.35.
Following this, as bullish candles sparked, prices rose to the $120 level inching closer to previous resistance levels. At the time of writing, Litecoin was trading at $120.26 as per CMC data.
Zooming out and inferring to its weekly chart, shows Litecoin having experienced a 21.11% price increase. While the single-day surge appears to have contributed to this rally, LTC began overpowering bears earlier.
This occurred when the altcoin stated it was identifying as a memecoin on its X account, on November 14. The tweet read – “Due to current market conditions I now identify as a memecoin.” Litecoin drew much speculation and an interest spike post this announcement apart from turning bullish.
Will Litecoin (LTC) Sustain its Bull Run?
On observing the price movements of Litecoin, traces an ascending channel pattern. This pattern indicates an existing bullish trend and indicates further upward movements. Additionally, LTC’s Moving Average Convergence Divergence (MACD) signal line lies above the MACD line highlighting a positive environment.
LTC/USDT Daily Price Chart (Source: TradingView )
Moreover, to further emphasize the bullish trend, its RSI stands at 74.85 indicating an overbought market sentiment. These technical indicators draw a conclusion in favor of LTC’s bull run being sustained in the coming days. In such a case the cryptocurrency might face resistance at $130.41.
Meanwhile, other tokens such as XRP and Cardano have also shown significant bullish movements in the past day.
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