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June 29, 2023Litecoin trades at $84.47 after gaining $1.39 (1.67%).
Litecoin made an initial breakout above its 5 day Simple Moving Average at $85.68, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $84.59 currently serving as resistance Despite this, LTC could be slowing down soon; it is getting close to the resistance line and is now at $86.17, only $1.7 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts LTC to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Litecoin is expected to pick up significant bullish sentiment in the coming days.
LTC shows positive signs, other assets are also on par: Bitcoin Cash is up 8.95%. Solana is up 10.41% to $17.64. FTX Token gained 9.54% and is now trading at $1.36.
Over the past 4 months, LTC has retreated 18.58% from a noteworthy peak of $102.04. LTC has a market cap of 6.19 billion with an average daily volume of 505.72 million.
