Litecoin (LTC) price shows strength as it attempts to recover last week’s losses.
Litecoin price hovers below the $100 psychological level and a declining resistance level. Due to the bullish market structure, LTC could kickstart an ascent to $119.84. A breakdown of the $76.78 support level will invalidate the bullish thesis. Litecoin price shows strength as it attempts to recover last week’s losses. LTC faces two critical hurdles, overcoming which could result in massive gains for the altcoin.
The Relative Strength Index and Awesome Oscillator momentum indicators are both above their respective mean levels of 50 and 0, respectively, suggesting a buyer-dominated market. Therefore, if Litecoin price sustains its bullish momentum and overcomes the confluence resistance level at $100, it could signal sidelined buyers to step in and potentially kickstart a breakout rally. The weekly ceiling at $119.84 will be the target for some of these buyers to potentially book profits.
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