Litecoin (LTC) Blasts 11% Higher, Volume Skyrockets 176%, Can the Green Flash Stay Lit?

• Litecoin is trading at $123 after an 11% jump.
• LTC’s trading volume has surged by over 176%.

With the neutral sentiment lingering in the market, crypto assets have brought in mixed signals. The prices are oscillating between green and red candlesticks, and Bitcoin (BTC) holds at $114.3K, and Ethereum (ETH) hovers at $3.6K. Among the pack of altcoins, Litecoin (LTC) has jumped by a solid 11.78%, breaking into the top three gainers of the day.

LTC opened the day trading at a bottom range of $110.51. Later, the bullish pressure sent the price up to a high of $123.59, breaking the key resistance between $110.57 and $123.53 ranges. As per CoinMarketCap data, at press time, Litecoin traded at around $123.19.

Besides, the market cap has reached $9.4 billion, with LTC’s daily trading volume exploding by over 176%, touching the $1.52 billion mark. According to the Coinglass data, the market has observed a liquidation of $2.69 million worth of Litecoin during the last 24 hours.

Will the Litecoin Bulls Stay in Charge This Time?

Litecoin’s technical indicator analysis exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It implies bullish momentum. With this crossover, the price momentum is gaining strength and hints at a potential uptrend. Moreover, the Chaikin Money Flow (CMF) indicator is found at 0.22, which points to a strong buying pressure in the market. Also, the capital is likely flowing into the asset, often seen as a bullish signal.

The four-hour price chart reports the potential of LTC for further upside correction, and the price might find its resistance at the $121.74 range. Upon clearing this level, Litecoin could trigger the golden cross to unfold, and it targets its crucial resistance zone above $121.82. Conversely, assuming the momentum fails, and the bears might form a death cross, it will let Litecoin slip and retest the $121.58 support. The price could retrace deeply below $121.50 if the key support level collapses.

Furthermore, the daily Relative Strength Index (RSI) value of 80.05 indicates that the asset is heavily overbought. It may hint at a price correction or a pullback in the market. Litecoin’s Bull Bear Power (BBP) reading of 12.21 confirms a strong bullish trend, that the bulls are in control of the asset, and its price would move upward. Also, if it continues to rise, the bullish sentiment could be sustained.