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DailyBubble News

Is LTC Breaking Out 100 Today?

Bitcoin price has seen a sudden breakout after two days of lackluster trading, signaling a potential crypto recovery heading into the weekend. The largest cryptocurrency surged above $62,000 during US trading hours on Thursday, bouncing back from a dip to $61,000 support. According to Litecoin price analysis, there is a gradual shift in the trend towards an upward trajectory.

Litecoin, on the other hand, maintained a price of $81 with a modest 0.1% increase in value over 24 hours, as per CoinGecko data. However, a notable 6% decrease in trading volume indicates a lack of interest among traders. With a market cap of $6.1 billion, Litecoin currently ranks at #19 among all cryptocurrencies.

Fundamental data from IntoTheBlock reveals that Litecoin is currently in a sideways trading pattern, stuck between strong resistance and support levels. The IOMAP model suggests that clusters of resistance zones could hinder a potential breakout to $100, with a major hurdle between $86.5 and $89.12 where a significant number of addresses hold LTC.

On the downside, Litecoin has solid support levels, with immediate support between $79.4 and $81.62. A break above or below these levels will determine the future trend for Litecoin.

The Relative Strength Index (RSI) indicates a bullish outcome for Litecoin, with the RSI moving above the midline after dipping into the oversold region earlier in the month. A daily close above $82 would strengthen the bullish momentum, potentially leading to a test of the crucial barrier at $90.

Traders should be cautious of potential downward movement towards support levels at $76 and $72, which were significant levels for Litecoin in April and early May. Overall, the narrowing of the Bollinger bands indicator suggests a possible breakout in either direction, with a tighter constriction indicating a larger potential move. The Importance of Daily Exercise

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