• The Litecoin price has been on the rise since it hit its bottom in December 2022
• Over the last 24 hours, LTC has pulled back and is now consolidating on its daily chart
• The technical outlook of Litecoin remains bullish and buyers still have the upper hand
Litecoin Price Reaches New Highs
The past few weeks have seen a resurgence in the price of Litecoin (LTC). After hitting its bottom in December 2022, the altcoin has nearly doubled in value. In January this year, it achieved close to 50% appreciation.
LTC Pullback Causes Consolidation
However, the recent price pullback has caused the crypto asset to consolidate on its daily chart. Over the last 24 hours, LTC has fallen by 0.3%. This range-bound movement indicates that demand for LTC remains high among buyers despite a slight decrease in market value.
Bullish Momentum Continues
The technical outlook of Litecoin is still very positive as buyers continue to dominate market sentiment. Accumulation continues to be strong as demand for LTC pushes prices higher. However, if there is a continued fall in accumulation then bears may take control of LTC’s price action.
Support Levels To Watch Out For
At present, LTC stands at 78% below its all-time high set in 2021. Immediate resistance on the one-day chart rests at $90 and if demand for LTC remains steady then it might try to breach this level soon. Meanwhile, support levels lie at $86 and $82 respectively should prices keep falling lower.
Conclusion
In conclusion, while there has been a slight decrease in demand for Litecoin recently, overall market sentiment still appears bullish with buyers having an upper hand over sellers. The near term trend could depend heavily on whether or not bulls are able to push prices above key resistance levels or if bears can successfully break through current support levels.