The current surge in Litecoin (LTC) value propelled it to succeed in a major psychological degree of $100. This upward motion has offered a bullish increase and allowed the altcoin to register good points in current buying and selling classes.
Nevertheless, regardless of this bullishness, the worth of LTC stays inside bearish territory, indicating ongoing downward stress. Reclaiming the $100 value mark is essential for sustaining a bullish pattern.
Previously 24 hours, LTC has skilled a rally of almost 17%. On the weekly chart, the altcoin has maintained double-digit good points, reflecting its constructive efficiency over an extended interval.
It’s price noting that Litecoin’s halving occasion is just a bit over a month away. Traditionally, the worth of the asset tends to extend earlier than this occasion.
Nevertheless, because of the fluctuating nature of Bitcoin, which frequently influences main altcoins, LTC would possibly expertise slight depreciation.
Vital depreciation is much less possible so long as LTC maintains its value above the native assist degree. A sustained improve in demand for the altcoin is important to make sure continued good points on the each day chart. The market capitalization of LTC has additionally elevated, indicating bullish momentum available in the market.
Litecoin Worth Evaluation: One-Day Chart
![Litecoin](https://i0.wp.com/www.newsbtc.com/wp-content/uploads/2023/06/LTCUSDT_2023-06-30_21-49-25.png?resize=1817%2C743&ssl=1)
When writing, Litecoin (LTC) was buying and selling at $97.81. After reaching the $100 mark, LTC has been steadily gaining in value. Nevertheless, regardless of the bullish momentum, Litecoin stays inside an important zone that’s bearish and will doubtlessly reverse the good points.
This bearish zone, indicated in crimson, extends from $94 to $103. In earlier buying and selling classes, LTC has retraced when making an attempt to revisit the $103 degree. The $94 mark has additionally been a reversal level over the previous few months.
Furthermore, Litecoin entered the surplus promoting zone the utmost variety of occasions, the place the worth fluctuated between the 2 (higher and decrease) bands of the bearish area.
The overhead resistance ranges are $100 and $103. In case of a decline from these ranges, the worth may drop to $94 initially, adopted by a possible additional decline to $90.
Technical Evaluation
![Litecoin](https://i0.wp.com/www.newsbtc.com/wp-content/uploads/2023/06/LTCUSDT_2023-06-30_21-45-56.png?resize=1817%2C743&ssl=1)
Relating to demand, Litecoin (LTC) was approaching overbought situations. The Relative Power Index (RSI) was above the 60 mark, indicating consumers had gained market management. This means the next demand for LTC in comparison with promoting stress.
The elevated demand was additionally mirrored within the value, because it climbed above the 20-Easy Shifting Common (SMA) line. This signifies that consumers have been driving the worth momentum available in the market, pushing it larger.
So long as Litecoin (LTC) maintains its value above the 20-Easy Shifting Common (SMA), indicated by the crimson line on the chart, particularly across the $87 degree, the bullish sentiment is anticipated to persist.
![Litecoin](https://i0.wp.com/www.newsbtc.com/wp-content/uploads/2023/06/LTCUSDT_2023-06-30_21-46-24.png?resize=1817%2C743&ssl=1)
Litecoin (LTC) fashioned a robust purchase sign in step with elevated demand. The Shifting Common Convergence Divergence (MACD) indicator confirmed a inexperienced histogram, indicating a recent purchase sign. This means a robust bullish momentum and power within the LTC market.
Moreover, the Chaikin Cash Circulation (CMF) indicator displayed capital inflows outweighing outflows. The indicator was above the half-line, indicating extra capital inflows than outflows on the given time.
Featured picture from UnSplash, chart from TradingView.com