With a drop of approximately 1% today, the price of Bitcoin is hovering close to its $59,000 mark. This indicates an increase in the bearish sentiment in the crypto space. Following this, top altcoins have recorded a similar price action.
On the other hand, the Litecoin price has jumped 4.89% during this time. This has resulted in this altcoin securing a spot in the daily top gainers list. With the present market sentiments, is this the right time to invest in Litecoin? Scroll down to uncover all your doubts.
LTC Price On The Path Of A Major Break Out?
After trading under a bearish sentiment for a brief period, the Litecoin price has recorded a jump of approximately 5% within the past day with a trading volume of $334.704 Million, a change of -8.78%. With this, the altcoin is on the verge of testing its important resistance level, the outcome of which is uncertain.
However, the LTC coin price has recorded a correction of 2.32% within the past week and 8.01% over the past month. Despite recording a Year-to-Date (YTD) return of -9.87%, this altcoin has secured the 19th position in the global crypto list with a market capitalization of $4.938 Billion.
Litecoin Market Sentiments
The EMA 50-day has constantly acted as a resistance to the LTC price chart in the 1D time frame since June. this highlights a strong bearish influence for the altcoin in the crypto space.
However, the Relative Strength Index (RSI) has displayed a sharp uptrend, resulting in it breaching its mid-point. Further, with a bullish convergence in its average trendline, Litecoin is predicted to display a mixed price sentiment in the coming time.
Will LTC Rise Again?
If Litecoin continues gaining momentum, it will prepare to test its resistance level of $67.40. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $78.80 during the upcoming weeks.
On the flip side, if a bearish reversal occurs, the Litecoin (LTC) price will plunge toward its crucial support trendline of $55.75 in the coming time.
