Litecoin Analysis: Breakout Surge Propels Prices by 11%
Litecoin Surges 11% in Bullish Trade.
FUNDAMENTAL OVERVIEW:
At 23:35 on Thursday, Litecoin exhibited a trading value of $82.133, marking an 11.08% increase for the day. This surge represented the most substantial one-day percentage gain since June 30, 2023.
The upward movement elevated Litecoin’s market capitalization to $5.892 billion, constituting 0.26% of the overall cryptocurrency market capitalization. At its peak, Litecoin’s market cap reached $25.609 billion.
Over the last twenty-four hours, Litecoin’s trading fluctuated within the range of $73.935 to $82.133.
In the previous week, Litecoin experienced a value increase, registering a gain of 15.97%. The trading volume for Litecoin in the twenty-four hours leading up to the current moment amounted to $858.902 million, representing 0.45% of the overall volume across all cryptocurrencies. Throughout the past seven days, Litecoin’s trading range has spanned from $67.5438 to $82.1330.
Even at its present value, Litecoin remains 80.44% below its record peak of $420.00, established on December 12, 2017.
LITECOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Litecoin is currently trading within a up channel.
Litecoin is positioned above all Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Buying zone, while the Stochastic oscillator suggests a Positive trend.
Immediate Resistance level: 85.47
Immediate support level: 82.92
HOW TO TRADE LITECOIN
After undergoing a decline, Litecoin entered a consolidation phase within a specific range. Currently, it has experienced an upward breakout. If Litecoin maintains its position above this level, there is the potential for further upward movement towards the next significant major level.
TRADE SUGGESTION- STOP BUY – 88.60, TAKE PROFIT AT- 103.93, SL AT- 79.33.