• Litecoin has seen a bullish surge over the past week, jumping up by 6% after bouncing off the $81 resistance zone.
• Over the past 24 hours, the altcoin has gained 2% and is now eyeing the $93 resistance mark.
• Technical indicators suggest that accumulation has shot past the overbought region, with a chance of price retracement.
Litecoin (LTC) has seen a surge in bullish sentiment over the past week as the altcoin bounced off from the $81 resistance zone. Over the past 24 hours, the LTC price has jumped by 2%, with the coin now eyeing the $93 resistance mark. Technical indicators suggest that accumulation has shot past the overbought region, which could spell a chance of price retracement.
The Litecoin price has been on a bullish run since crossing the $81 resistance level, with demand for the coin remaining steady between the $81 and $88 price levels. Once the coin traveled above the $88 price zone, it started to display a price correction. However, the bullish momentum gained strength and Litecoin quickly reached the $90 mark. Historically, the $93 resistance mark has acted as a pullback region for the coin, which could be reached in the coming session if Bitcoin continues to surge.
On the one-day chart, LTC was trading at $91 at the time of this writing. The coin pierced through several resistance levels and faced stiff resistance at $81. Overhead resistance for the coin stood at $92, and if this is breached, the coin could move to the $93 mark.
The technical outlook of the Litecoin price has depicted that accumulation shot past the overbought region just when Litecoin breached the $81 price region. Despite the price correction, the indicators still remain heavily bullish on the chart, with another chance of a price retracement.
Overall, Litecoin has been on a steady path of growth and is likely to continue its upward trajectory in the near future. The coin is expected to cross the $93 resistance mark if Bitcoin continues to surge, which could lead to further bullish momentum on the LTC chart.