Litecoin Price: Bulls Need to Gather Momentum for a Rebound

Litecoin price was in the green on Tuesday as well as other cryptocurrencies. The coin’s total market capitalization has gained while the total volume of LTC traded in the past 24 hours has jumped 2.42%. However, the altcoin is still more than 65% below its highest level this year. At the time of writing, Litecoin was trading at 51.80. The coin is ranked the 20th most-valued cryptocurrency in the world.

LTC’s Upgrade

The crypto market has been in the green since the start of the week. According to data by CoinMarketCap, the global crypto market capitalization has recorded a 1.14% gain in the last 24 hours. The total crypto market volume has jumped more than 29% over the last 24 hours.

Litecoin price has been struggling to find direction for the past few months as concerns about the crypto market grew. However, the coin’s latest technical hint at a rebound. Earlier last week, LTC announced that it had had zero downtime in over 11 years of its existence. This displayed the reliability of the blockchain.

Litecoin also marked its 11th birthday, which is a commendable achievement. LTC announced another update that may give investors hope for a price correction. For instance, LTC’s MWEB which is more accessible to users as a mobile version was released. This would further improve the accessibility and availability of the network as it added much value to the coin’s ecosystem.

Litecoin Price Forecast

The 4-hour chart shows that the Litecoin price has been struggling to recover. The coin has formed a double bottom which is a bullish sign. LTC is trading slightly above the 25-day moving average and along the 50-day moving average.

As such, bulls need to gain momentum to propel the LTC price past the resistance at 60. However, a move below the 25-day MA will have bears eyeing the support at 48.

LTC Price Chart

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