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Litecoin Technical Analysis Reveals Strong Momentum Toward $91 Breakout
- Litecoin has shown a 2.29% price increase in 24 hours, indicating short-term buying momentum, while weekly performance remains negative with a 3.54% drop.
- Technical analysis suggests a potential upward breakout for Litecoin from the current consolidation phase, which is range-bound between $82 support and $90 resistance, aiming for $88.50 in the near term.
- The coin is currently trading at $85.79, with a 24-hour trading volume of $334.77 million and a market capitalization of $6.51 billion.
- Although the price has decreased by 3.54% in the last week, recent price activity indicates a positive sentiment among traders.
- Litecoin experienced a quick decline to around $82 at the beginning of the week, followed by a recovery above $85, entering a consolidation phase.
- Trading has been range-bound, with attempts to breach upper resistance at $88 failing and support at $82 tested amid market volatility.
- Litecoin is currently trading above key moving averages, showing a correlation with short-term consolidation and potential positive momentum.
- The Relative Strength Index (RSI) is at 50.74, reflecting balance, while the MACD indicator is slightly positive, hinting at a potential bullish turn.
- Litecoin may soon challenge resistance near $86.55, aiming for a breakout target of $88.50, with a further potential push towards $91.00 in the short term if buying momentum sustains.
- On the downside, if bearish pressure prevails and the price drops below $85.00, a retreat to the $82.50 support level is likely, signaling a critical phase for traders.
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