The cryptocurrency market once again reflects the movements exhibited by Bitcoin. As the world’s largest cryptocurrency climbed to $ 25k, albeit short-lived, the rest of the market rose as well. Litecoin price, though not at its peak, hit trading levels in July at the time of this writing. At that time, LTC was trading at $ 129.23 with a market value of $ 8.58 billion.

 

The sudden increase in the price of LTC could cause a correction, and this could be an opportunity for traders to set aside short term and some profit.

1-day Litecoin price analysis


Litecoin’s daily price chart highlighted the rising value of the digital asset. The value of the digital asset has been appreciating for almost two months, except for slight dips. After the sudden increase in the price of Litecoin, a correction soon could create a development that will give traders the opportunity to short the cryptocurrency.

What do technical indicators tell for LTC?

As the cryptocurrency enters the overbought territory and approaches its previous highs, an impending decline in the Litecoin market looks likely. While the next strong support level appears at $ 84.37, the coin may not necessarily drop to that level. Instead, it may stay close to $ 100 at this point due to minimal support.

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What’s more, the Awesome Oscillator has also recorded strong buying momentum in the market. However, this was a sign of a bullish market, and the lower the momentum, the more obvious the chances of a reversal.

The Litecoin market has been in an upward trend recently, but a sharp selling pressure can be seen in the market. With indicators highlighting a peak for buying pressure, this could be a sign of reversal, and traders could profit from $ 107 in the long run, according to analysts.

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