• The Litecoin price has seen considerable recovery since the December 2022 bottom, with a 50% appreciation in January.
• The altcoin has been consolidating on its daily chart, with a 0.3% drop in price over the last 24 hours.
• Technical indicators point to a bullish outlook for the coin, with buyers maintaining the upper hand on the chart.
The cryptocurrency market has been in a frenzy lately, with various digital assets experiencing significant price appreciation. One of the coins that has been exhibiting major gains is Litecoin (LTC). After facing a significant downtrend in December 2022, the altcoin has been on an upward trajectory, with a 50% increase in its price since the start of this year.
Despite the impressive gains, the Litecoin price has been range-bound in the last 24 hours. The altcoin has fallen by 0.3%, and its market capitalization has decreased by 3%. Despite the slight pullback, the technical outlook of Litecoin remains bullish, with buyers maintaining the upper hand on the chart. Price accumulation signals have also been positive, indicating that demand for the altcoin is still strong.
At the time of writing, LTC was trading at $88.11, 78% below its all-time high of 2021. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC is currently facing two rigid resistance levels at $90 and $92. If demand for the altcoin remains steady, then LTC might attempt to break past these levels in the upcoming week.
Overall, Litecoin’s recovery since December 2022 has been remarkable, and the altcoin’s current price action indicates that there is still room for further appreciation. With the technical indicators pointing to a bullish outlook, investors remain hopeful that Litecoin will be able to reach its all-time high in the near future.