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Will the Rally Continue After an 11% Surge?
By: bitcoin ethereum news|2025/05/07 19:45:01
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Litecoin is hovering around $91 after jumping over 11%. LTC’s daily trading volume has surged by more than 55%. With the neutral sentiment in the crypto market, assets display mixed signals. The largest asset, Bitcoin holds at $96.5K, while Ethereum trades at $1.8K. Meanwhile, Litecoin (LTC) leads the 24-hour gainers with an 11.32% daily surge. The asset opened the day trading at a low of $81.18, before the bulls appeared. Later, the Litecoin bulls sent the price to a high of $93.18. At the time of writing, the asset traded at around $91.69, with a market cap of $6.94 billion. Furthermore, the market has witnessed a liquidation of $2.15 million worth of Litecoin, as per Coinglass data. Besides, the daily trading volume of LTC has reached $861 million. Can the Bulls Keep Control of Litecoin? If Litecoin’s trading window has room for further upside, the asset might find its crucial resistance at the $95.72 level. Upon clearing this, LTC could invite the golden cross to form and target the $100 resistance, eyeing more gains. However, a sturdy reversal of the uptrend triggers the death cross, allowing Litecoin to test the $87.22 support. Assuming the support collapses, the Litecoin price could fall back to the $80 mark, with the potential for more downside. The Moving Average Convergence Divergence (MACD) line is above the zero line, and the signal line is below, indicating a brief bullish momentum. This crossover of the asset is considered an early sign of an uptrend or continuation of bullish sentiment. Additionally, the Chaikin Money Flow (CMF) indicator stationed at 0.03 suggests a slight positive buying pressure in the market, and the capital is flowing into the asset. Meanwhile, Litecoin’s daily trading volume has surged by 55.38%. Litecoin’s daily relative strength index (RSI) of 64.28 signals bullish momentum, approaching the overbought threshold, making more upward movement if momentum holds. The Bull Bear Power (BBP) reading of 9.74 infers the dominance of bulls in the market. Highlighted Crypto News Bitwise Files for First-Ever Spot NEAR ETF With U.S. SEC Source: https://thenewscrypto.com/litecoin-lights-up-the-charts-will-the-rally-continue-after-an-11-surge/
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