Litecoin Retreats but Restarts Its Upward Trend above $97

Key Highlights
LTC price targets the $122 high
Litecoin regains bullish trend

Litecoin (LTC) Current Statistics
The current price: $99.05
Market Capitalization: $8,332,188,143
Trading Volume: $1,693,517,154
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis March 12, 2024
Litecoin’s (LTC) price has risen above its moving average lines as it restarts its upward trend above $97. The cryptocurrency price is making a series of higher highs and higher lows. The cryptocurrency peaked at $105 before retreating.

Currently, the LTC price has retraced and halted above the $98 support. According to the price indicator, Litecoin has the potential to continue its upward trend. On the March 3 upswing, a retraced candle body tested the 50% Fibonacci retracement level.

The retracement indicates that the cryptocurrency asset will continue to increase to the level 2.0 Fibonacci extension. However, the altcoin will continue to trade above the moving average line but below the resistance around $105 where buyers have failed to surpass the recent high. Litecoin is now valued at $98.47 at the time of writing

Litecoin (LTC) Technical Indicators Reading
Following the price bounce, LTC price bars are significantly higher than the upward-sloping moving average lines. The upward trend has stalled below the resistance level of $105. The altcoin exhibits a bullish crossover on both charts, as the 21-day SMA crosses above the 50-day SMA. Traders can place bullish orders.

Conclusion
Litecoin has resumed a bullish trend after breaking above the resistance at $76 as it restarts its upward trend above $97. On the 4-hour chart, the uptrend continued after breaking above the resistance at $94. The rise continues as the altcoin retraces above the $94 support.

The crypto signal stays favorable as the altcoin resumes its rising trend.

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