Litecoin Breaks Above Key Resistance, Signals Bullish Trend with 12% Gain in 30 Days

Litecoin (LTC) has surged 12% in the last 30 days, breaking above a key resistance level of $67 and forming an ascending triangle pattern. With rising buying pressure and positive technical indicators, the cryptocurrency is poised for further gains, targeting $76.

Litecoin (LTC) has shown strong bullish momentum, rising 12% over the last 30 days and up 5% in just the past week. As of press time, LTC is trading at $69 with an over 16% increase in trading volume, according to CoinMarketCap.

LTC recently broke out of an ascending triangle pattern on its one-day chart, overcoming significant resistance at $67. This breakout is a strong signal of continued upward movement, backed by rising buying pressure. The volume histogram bars turned green, indicating that buyers are dominating the market and that this rally is likely to sustain itself above the breakout level.

Technical Indicators Flip Bullish

The bullish momentum is further strengthened as Litecoin broke above its 100-day Simple Moving Average (SMA), with the next target being the 200-day SMA at $76. The Moving Average Convergence Divergence (MACD) indicator supports this outlook, as it has flipped positive. The green MACD histogram bars and a positive MACD line above the signal line reinforce the bullish trend.

Additionally, Litecoin’s Relative Strength Index (RSI) has surged to 63, a strong sign that buyers are in control and demand for the cryptocurrency is increasing. The RSI line has consistently made higher highs since August, indicating rising interest in LTC.

Buyers Maintain Control, Selling Interest Declines

According to exchange inflow data, since Litecoin broke above $66, exchange inflows have decreased, suggesting that sellers are staying away and confidence in the rally is growing. A lack of selling pressure could further fuel LTC’s uptrend.

Liquidation Data and High Liquidity Zones

Litecoin is approaching a high liquidity zone above $70, which may present strong resistance due to increased selling pressure. However, if buyers continue to dominate, LTC could break through this level. On Coinglass, Litecoin’s Funding Rates have remained positive for the past seven days, indicating that traders are bullish and expecting more price gains.

Overall, the current market sentiment around Litecoin is positive, with technical indicators suggesting that the cryptocurrency could see further gains if buying momentum continues.

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