Yesterday, Litecoin (LTC) saw a 2.13% price increase, bringing its value to $91.40. The total market capitalization now stands at $6.72 billion. Over the past 24 hours, LTC's trading volume was $485.21 million.
Looking at the short-term, LTC is up 0.56% in the past hour and up 2.13% over the past 24 hours. However, zooming out shows LTC remains in a slight downtrend - it's down 3.50% over the past week and up just 3.23% over the past month. Over the last 6 months, LTC is up a modest 2.82%.
The price gains over the past day signal bullish momentum may be returning after a period of stagnation. However, trading volume is still below average levels, indicating buying pressure needs to increase to sustain an uptrend. If volume can surge, LTC could attempt to break back above the psychological $100 level which has offered stiff resistance this summer.
What Key LTC Price Levels Should I Watch?
There are a few key Litecoin price levels to watch right now:
- $100 - A hugely important resistance level LTC has struggled to reclaim.
- $95 - Where LTC found support throughout June and July. Needs to hold.
- $87 - A support level from May. Failing this could see a drop towards $80.
- $110 - The 2022 high. Reclaiming this would be extremely bullish for LTC in the near-term.
Monitor these prices closely for signs of strength and weakness. Use close stop losses to manage risk.
How Can I Time LTC Entries and Exits for Swing Trades?
Timing entries and exits requires patience and discipline. Wait for clear breakouts or breakdowns before entering a trade. Allow pullbacks to find optimal risk/reward. Consider laddering buys to average entry price. Book partial profits into strength by trailing stop loss up. Let winners run but have targets in mind. Watch RSI and MACD for overbought/oversold readings that may precede reversals. Stick to your trading plan for best results.
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