Litecoin [LTC] saw a massive rebound from the support level of $69 as it swiftly climbed to challenge the recently retraced level. The rise of the fifth-largest token has been slow but steady. As the price level aimed for a positive, sustainable breakout, a case of a mild pullback cannot be ruled out.
Over the last 24-hours, Litecoin was up by 15.02% which drove its price to $90.08 as it held a market cap of $6.008 billion and a 24-hour trading volume of $8.042 billion, at the time of writing.
Winning the uphill battle to resistance at $80, Litecoin noted a successful recovery mission, and it appeared to be continuing its uptrend.
Litecoin [LTC] Daily Chart:
Litecoin’s [LTC] technicals look positive. Holding above the two moving averages has been a critical bullish indicator that the uptrend would continue in the near-term.
The 50 DMA [Pink] noted a minor slip following the correction, however, it was swift to maintain the diversion from the 200 DMA [Blue]. This trend was very much in tandem with the price and essentially evidenced the continuation of a bullish phase despite the setback.
Currently, the two moving averages formed crucial support levels for the coin.
The dotted marker of the Parabolic SAR shifted below the ETH price candles following a short stint above them. This was indicative of the volatility in the coin’s price and the rapid shift in momentum.
The Chaikin Money Flow also climbed as the price rose which depicted the inflow of money in the ETH market after facing a massive negative reversal.
The above daily chart confirmed the selling pressure at $69.29. If the bullish pressure sets in, Ethereum [ETH] could see a surge to its crucial overhead resistance of $101, a level that was last seen during the bullish wave leading up to the coin’s halving event. If it manages to hit this level, a rally to another market at $116.
It is also important to note that Litecoin has been trading in a wave-like movement. Hence, traders eyeing short terms local highs could materialize which could drive the price to $69. 50 DMA, as well as 200 DMA, formed a crucial support level at $63.6 and $52.44.