Litecoin has factored in a modest price increase of 0.67% in the last 24 hours.
The altcoin’s daily trading volume has surged by 140.52% as per CMC data.
The overall crypto market has shown bearish signs in the past 24 hours. While Bitcoin slid to the $103K level, other cryptocurrencies followed suit. Ethereum has once again fallen to its support of $3.8K. On the other hand, one of the leading altcoins, Litecoin, has shown upward movements.
In the last 24 hours, Litecoin has shown a modest price increase of 0.67% as shown in its daily chart. In the Asian afternoon hours of December 17, the altcoin was trading at $118 before proceeding to fall further to an intra-day low of $114.
However, it began surging during the morning hours of December 18 to reach current levels. Moreover, Litecoin also hit a 9-day high of $131.48 during this surge. At the time of writing, LTC was trading at $119.76 as per CMC data.
Zooming out, over the past week, Litecoin depicts a price increase of 7.73% despite multiple bearish market periods. At the beginning of the week, the altcoin was trading at a low of $112.26. After several days of consolidation, it saw a surge in the past day hitting the aforementioned highs.
Will Litecoin Price Sustain the Positive Momentum?
When analyzing the price actions of Litecoin, it traces a horizontal channel pattern. This pattern is usually followed by a price breakout or a price descent. Inferring its other technical indicators, Litecoin’s Chaikin Money Flow (CMF) value stands at 0.25 indicating increased capital influx.
LTC/USDT Daily Price Chart (Source: TradingView )
Additionally, the altcoin’s bull power indicator value stands at 4.60, while its bear power indicator value is at -2.29 as per TradingView data. This indicates a bullish dominance in Litecoin price actions. The cryptocurrency recently hit a two-year high at the beginning of December.
Other cryptocurrencies such as XRP and Cardano have shown bearish signals reflecting the overall market in the past day.
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