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Litecoin (LTC) price analysis reveals a bullish trend with a surge of over 13% today.
LTC price surged over 50% this week, showing promising momentum.
The cryptocurrency is now eyeing a potential breakout above $150 and higher price levels.
Litecoin price analysis: bullish trend continues
Litecoin (LTC) price analysis reveals a bullish trend with a surge of over 13% today. The cryptocurrency is continuing its rally after bouncing off local support around the $90 price region. LTC price surged over 50% this week, showing promising momentum. The cryptocurrency is now eyeing a potential breakout above $150 and higher price levels.
LTC price 13% up today
On Monday, March 6, Litecoin (LTC) price started the day at $123.33, showing a bullish trend from the beginning of the session. LTC price surged to a high of $139.92 at the time of writing, marking only the second time the cryptocurrency has reached this level since February 2022.
However, the bears attempted to push LTC price down to a low of $129.22, but the bulls quickly recovered the losses, and LTC price closed the day at $136.02, showing a 13% surge in value.
LTC price 50% up this week
Overall, Litecoin (LTC) price analysis reveals a bullish trend with a surge of over 50% this week. The cryptocurrency is now eyeing a potential breakout above $150 and higher price levels.
Breaking above $150 will clear the road to its path toward the next major target of $200, triggering a full-fledged bull run. Such a move would position Litecoin as a leading contender in the upcoming altcoin season.
Litecoin price analysis: bullish factors
Several bullish factors are contributing to Litecoin's recent price surge.
First, LTC whales have embarked on a massive accumulation of the first-generation cryptocurrency, per on-chain data. This buying spree is largely attributed to market speculation surrounding Canary Capital’s potential Litecoin ETF application.
Second, the broader crypto market sentiment is bullish, with major cryptocurrencies like Bitcoin and Ethereum posting gains. This positive market mood is also boosting LTC price.
Third, the upcoming U.S. presidential election is also expected to be favorable for cryptocurrencies. Many investors are anticipating favorable policies under the new administration, which is boosting crypto market sentiment overall.
LTC price technical analysis
On the technical front, LTC price is trading above the 50 EMA and the 200 EMA on the daily chart, indicating a bullish trend. The cryptocurrency is also trading within a rising channel, with support at $120 and resistance at $145.
The RSI indicator is in the overbought zone, suggesting that LTC price may be due for a correction. However, the MACD indicator is bullish, with the histogram bars increasing in size. This divergence suggests that the bullish momentum is still strong.
Overall, the technical analysis is bullish for LTC price, with support at $120 and resistance at $145.
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