- Litecoin price analysis shows price jumping up to $128 with a 4 percent rise
- Price ended a 4-day bearish spell as trading volume rose 3 percent
- LTC looks up to $130 resistance but needs to consolidate
Litecoin price analysis shows price making an upturn of around 4 percent to reach as high as $128 on the daily chart. LTC price suffered more than 8 percent during a seller dominated weekend but picked up momentum as the US market came into play. Litecoin now sits right in the centre of the demand zone at $127 and is expected to look further upwards to reach resistance at $130. However, the token will need to consolidate near or above the $126.45 moving average region in order to avoid a pump and dump situation and aim for a more settled rise.
The larger cryptocurrency market exhibited significant gains made over the last 24 hours, as Bitcoin rose more than 4 percent to move above $43,500. Ethereum gained 6 percent to rise above $3,000, whereas Altcoins recorded similar gains. Ripple rose 5 percent to move up to $0.83, Cardano 5 percent to $1.08, and Dogecoin 3 percent to $0.15. Solana also gained a massive 10 percent to move as high as $101.475.
Litecoin price analysis: Major technical indicators align to test $130 resistance
The 24-hour candlestick chart for Litecoin price analysis shows significant evidence that the token is expected to continue its rise and provide a test to the resistance zone at $130. Price currently sits above the 25 and 50-day exponential moving average that lies around $127. The market valuation shown by the RSI for Litecoin also shows encouraging signs at 51.38 and the upturn from yesterday’s low of $120.6 is reminiscent of the market interest in LTC. The moving average convergence divergence (MACD) also sits above its neutral zone to provide a positive outlook for the token.
Over the next 24 hours, buyers will look to consolidate at current point which could also prove to be a mini resistance. Buying activity for LTC will be set at buy stop around $127 with profit taking expected when price reaches $130 resistance. However, to avoid invalidation of the bullish thesis from here, LTC needs to consolidate above the $126 moving average and hold the current position.
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