Litecoin Daily Increase of 16% Attracts Investor Attention

Litecoin has surged 16.75% in the past 24 hours. According to CMC data, the trading volume of this altcoin has skyrocketed by 299%. As the altcoin season heats up, the market is continuously seeing outstanding performers, with tokens like Bonk, PNUT, and Worldcoin showcasing strong bullish trends in turn. Although Bitcoin and Ethereum have pulled back in the past 24 hours, there is no doubt that altcoins have become the market focus this week.

Litecoin's Surge

Litecoin had previously experienced a phase of calm after rising, but its recent performance has clearly warmed up. In the past day, Litecoin's price jumped from $101.35 to $120, nearing the previous resistance level. Currently, the price of Litecoin is $120.26, and the weekly chart shows it has risen by 21.11%. While this single-day increase is significant, Litecoin's upward trend began to manifest some time ago.

The Driving Factors Behind It

On November 14, Litecoin announced on its X account that it views itself as a memecoin, which subsequently garnered widespread attention from the market. This statement sparked a lot of speculation, shifting market sentiment and stimulating a price rebound for Litecoin.

Can Litecoin's Bull Market Continue?

From a technical perspective, Litecoin's trend shows an upward channel, indicating a strong bullish trend. The MACD signal line is above the MACD line, further supporting a positive market environment. The RSI indicator is at 74.85, indicating that the market is overbought, but it also suggests that there may be more upward space in the short term.

Litecoin is currently on the track of a bull market and may continue to rise in the coming days, with $130.41 being a key resistance level.