Litecoin Resumes Its Ascent but Retreats Above $80

Key Highlights
LTC price rallies to the high of $94.50
The crypto asset regains a bullish trend

Litecoin (LTC) Current Statistics
The current price: $88.49
Market Capitalization: $7,458,809,532
Trading Volume: $909,781,538
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis March 3, 2024
Litecoin (LTC) price has risen tremendously when it broke out of a range-bound move between $60 and $76 but retreats above $80. The bulls break the overhead resistance at $76 and achieve another high of $94.50. The cryptocurrency’s price is retreating after reaching a recent high.

The upward trend will restart if it retraces above the $76 support level. On the upside, if the altcoin rises and breaks through the resistance levels of $94.50 and $104, the market will hit the next level of resistance at $115. On the downside, Litecoin will fall if it retraces below the $76 support or the 21-day simple moving average.

The altcoin will revert to its price range of $60-$76. Meanwhile, LTC’s price is worth $87.47 at the time of writing.

Litecoin (LTC) Technical Indicators Reading
LTC’s price has recovered above the horizontal moving average lines. The bulls have broken the overhead resistance, allowing Litecoin to resume its advance. Litecoin shows a bullish crossover, with the 21-day SMA crossing above the 50-day SMA. Traders can place bullish orders as indicated by the bullish signals.

Conclusion
On the 4-hour chart, Litecoin is in an uptrend as its price resumes a pattern of higher highs and higher lows but retreats above $80. The altcoin has risen above the $70 support level and continues its positive trend. Bullish momentum has paused around $94.50. The cryptocurrency’s signal will remain favorable if the altcoin retraces and holds above the moving average lines.

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