Litecoin price dropped to $83, losing the ground from the previous 24 hours, after surging to a two-week high of above $88. The cryptocurrency’s price fluctuated between a $2.09 dollar range. This action, amounting to 2.46% of movement, demonstrated traders vigorously testing both support and resistance.
Litecoin has been oscillating between $85 and $87 during today’s trading session, reflecting a contest between buyers and sellers, with the latter treating $87 as a resistance ceiling. Litecoin was the first to start a Litecoin recovery, gaining just enough ground to push from $85.22 to $85.59, a 0.43% increase.
Technical charts are showing a very favorable “golden cross” for Litecoin. This event is triggered when the 50-day moving average crosses above the 200-day moving average. This pattern typically leads into multi-week rallies, but for now, momentum is weak until buyers can get prices back above $87.
The recovery continued to pick up steam as buying volume flew over 5,500 tokens per minute. This explosion allowed Litecoin to clear some key psychological resistance at $85.50 with ease. At the same time, a support range formed between $85.03 and $85.18. This is the buyers’ 3rd effort at defending the range from $85.02 to $85.23. This price zone doubled as an extremely strong support line as Litecoin traded mid-day on July 1.
Sellers flooded into the market starting at $86.65 and extended to $87.10. This region was validated by an increase in high-volume distribution for Litecoin. Litecoin has been on a bearish descent in the last day with lower highs following a downward trendline. Shorter time frames indicate increasing bullish sentiment for Litecoin.
Optimism is being attributed to the ongoing prospects of a Litecoin ETF. On prediction market Polymarket, the odds of a Litecoin ETF approval by 2025 sit at 86%.
Similar to DOGE, Litecoin’s price action reacted largely to movements in the wider crypto market. Over the past day, the CoinDesk 20 (CD20) index was down 0.25%. Litecoin price Litecoin’s price movements show that the momentum is still down until bulls break through $87 with a clear upper punch.
