LTC Bulls Manage to Push Price to $90 Amid Market Uncertainty
- Traders may be taking gains off the table amid a 47% drop in trading volume.
- A bearish trend is brewing as LTC’s price action moves below the SMA line.
After a 24-hour plunge to a low of $87.78, Litecoin (LTC) market bears were victorious. Having bottomed out at this point in the trading day, the bulls have since taken control, pushing the price to a high of $90.36 before running into some resistance. The price is consolidating around this level, with LTC valuing $89.82 as of press time, a 0.92% surge.
The LTC’s market capitalization increased by 1.02% to $6,541,931,221, demonstrating rising investor confidence in the LTC market and the possibility of more price gains soon.
The 24-hour trading volume, on the other hand, plummeted by 47.29% to $465,341,657, indicating that the current price spike may not be sustainable in the medium term and that traders may be taking gains off the table.
On the LTC/USD price chart, the linear movement of the Bollinger band indicates a high degree of volatility, with prices expected to change significantly within the upper ($92.313170) and lower ($86.748797) bands.
Price action’s recent move below the SMA line while producing a red candlestick implies that a bearish trend is brewing in the market, signaling that traders should consider selling or shorting their holdings to capitalize on probable price declines.
With a rate of change rating of 1.42 and moving southwards, the bullish momentum is losing power, indicating the potential of a negative trend. This action warns investors to exercise care and consider taking profits or applying risk management methods to safeguard their investments.
The ATR value of 1.937744 indicates that the positive momentum in the LTC market is pretty strong, and the price is more likely to climb. However, the ATR pointing southward indicates that there may be short-term price fluctuations, and traders should exercise caution when making investment decisions.
With a Fisher Transform rating of 0.83 and above the signal line, LTC’s bullish potential remains high, suggesting that it may be a good investment opportunity for long-term investors.
Despite a recent price dip and lower trading volume, Litecoin’s market cap is up and its bullish potential remains high. Investors should proceed with caution.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.