- Litecoin’s price surge signals bullish momentum with increased market participation.
- Key resistance at $124.00 could lead to a breakout toward $130.00 if breached.
- RSI and MACD indicators suggest sustained upward momentum for Litecoin.
Litecoin (LTC) has recently shown a positive shift in market sentiment. At press time, the price of LTC is $121.74, reflecting a 4.28% increase over the last 24 hours. This price movement is indicative of bullish momentum, which has also been supported by a notable rise in trading volume. With the market cap now at $9.18 billion, the increasing interest and participation in LTC is evident.
Key Support and Resistance Levels
Litecoin’s price is navigating key levels that will determine its next move. The immediate support is found at $120.00, which aligns with the recent consolidation phase.
Should there be any pullback, the next support zone is located at $118.00, providing a stronger base for potential recovery. A deeper retracement could find support around $116.50, which previously acted as a base during downward corrections.
On the upside, the immediate resistance is positioned at $124.00. This is the level where Litecoin may encounter some selling pressure, as traders might opt for profit-taking.
If the price breaks through this resistance, the next challenge will be at $126.00, which aligns with previous peaks. Beyond that, a psychological resistance at $130.00 could come into play, attracting more attention from traders if breached.
Technical Indicators and Market Sentiment
Significantly, Litecoin’s technical indicators reinforce the bullish outlook. The RSI (Relative Strength Index) stands at 56.98, signaling moderate bullish momentum. It’s above the neutral 50 level, but there is still room before reaching overbought territory (70+).
Additionally, the MACD (Moving Average Convergence Divergence) has recently seen a bullish crossover, with the MACD line above the signal line. This indicates that the upward momentum is likely to continue in the near term.
Furthermore, a substantial 61.47% increase in 24-hour trading volume suggests strong buying activity. This surge in volume indicates growing market interest, which is often a precursor to sustained price movements.
Outlook for January 2025
According to Changelly blog data, Litecoin’s price may fluctuate between $107.41 and $118.29 in January 2025. The potential for a short-term breakout above $124.00 remains high, which could push the price toward $126.00 or even $130.00. However, traders should remain cautious, as failure to maintain above $120.00 could result in a retracement toward lower support levels, such as $118.00 or $116.50.
