LTC is up 6.69% in the last 24 hours. Thanks to a bullish crossover on the price chart, Litecoin seems poised for a recovery.
Litecoin [LTC] has been in a steady uptrend for the past three days, indicating a possible recovery. After dropping to a low of $96, #Litecoin is up 9.38%. At the time of writing, Litecoin was trading at $105, up 6.69% in the last 24 hours.
Before that, #LTC was in a downtrend, falling 3.4% on the weekly chart and 13.97% on the monthly chart.
Recent growth Looking at the altcoin's future trajectory, the question arises: is LTC on the #verge of a sustained recovery or is it just a market correction due to New Year's speculation?
Is LTC ready for a sustainable recovery?
According to AMBCrypto's analysis, Light Coin is experiencing strong upward momentum amid growing buying pressure.
These market conditions may further strengthen the LTC price chart.
For starters, LTC has experienced a strong crossover in the Stochastic (Stoch) indicator over the past 24 hours. A bullish crossover occurred in the Stochastic (Stoch) indicator. This indicates that market momentum is turning upward and prices may rise. For many traders, such a crossover is a buying opportunity.
Similarly, the Relative Strength Index (RSI) for Litecoin is also showing a bullish crossover, which further confirms that buying activity is increasing. If buying pressure intensifies, demand could lead to higher prices.
Looking further ahead, the observed buying pressure is mostly whale-related. The number of large transactions increased by 31.3% compared to the previous day. As the whales are entering the market, they seem to be bullish and expect further growth. In addition, the bullishness is also reflected in the increased demand for long positions: according to Coinglass, long positions dominate the market, accounting for 53% of the total number. The large number of long positions indicates that most traders expect the price of LTC to rise.
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