The start of the monthly trade has shattered the ‘Uptober’ claim but the recent recovery revives the hopes of a bullish close. The Bitcoin price has increased its volatility after stepping into the second half of the month. This has also uplifted the Litecoin price rally above the consolidation around $66 where it was stuck after losing support at $74 in July. Moreover, the rounds of Canary Capital seeking approval from the SEC for a spot Litecoin ETF could have raised bullish expectations for the token.
Currently, the LTC price is among the top-performing tokens and if it maintains a healthy upswing, liquidity is expected to flow into the token. The price initially surged above $72 following a whopping increase of nearly 150% in the trading volume in the last 24 hours. Now that the volume has dropped heavily, the price continues to swell, indicating the bulls are self-assured of keeping up the bullish trend.
The recent upswing has helped the price to test the pivotal trend line, which had been strong support and now is a resistance to achieve. Besides, the RSI is constantly forming higher highs and lows, suggesting the growing strength of the bulls. Secondly, the DMI is displaying the possibility of a bullish crossover, which may elevate the levels into the pivotal resistance zone between $72.61 and $76.5. This range may change the trend of the LTC price rally as a sustained breakout may activate the higher targets.
Secondly, the rise in the volume has broken above the restrictive range that it held for over a couple of weeks. Hence, an increase in the trader’s interest may eventually keep up the rise in the buying pressure, which could offer strong support for the Litecoin (LTC) price rally. Therefore, once the price enters the range, the possibility of rising to a 3-digit figure could be imminent before the end of the year.
