Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Litecoin [LTC] maintained its upward momentum, flipping the $93 resistance to support. LTC’s 6.5% gains in the past 24 hours saw it achieve a session close above the $93 resistance level.
Bulls would be looking to build on these gains by targeting the resistance level of $102 last achieved in mid-April, especially with Bitcoin [BTC] making another foray into the $27k price zone.
LTC buyers extend bullish streak
Litecoin extended its two-week-long bullish dominance by shooting past another resistance level. LTC claimed the $93 resistance level with four 12-hour bullish candles in a row. This came after bulls had successfully defended the $80 psychological support level on 14 May and flipped the $85 level to support on 25 May.
An earlier price report highlighted that the $93 resistance level had been tested four times in the past 10 days and a break above the level was inevitable, due to the significant demand.
The on-chart indicators suggested a strong continuation of the bullish momentum. The Relative Strength Index (RSI) remained above the neutral 50 and stood at 65, as of press time. The On-Balance Volume (OBV) highlighted the strong demand with a 1.42M uptick in volume over the past 24 hours to maintain its upward trend.
Another session close above the new support level at $93 along with significant volume could see bulls push on for more gains. However, bears would be looking to stall the bullish momentum with a price reversal.
Rising active addresses spur buyer’s confidence
Author: Suzuki Shillsalot
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