The 13th largest cryptocurrency, Litecoin, is performing better this week despite the cryptomarket being slightly negative.
On 22 March, the US Federal Reserve Bank (FED) increased the interest rate by 25 bps. As a result, at press time, the entire crypto market capitalization fell by 1.21% to $1.16 trillion; despite this, Litecoin remained the top gainer of the day.
Litecoin’s price structure appears bullish, forming higher highs on daily charts. Recently, the largest cryptocurrency – Bitcoin- breached the long-term bullish hurdle and surpassed the $28K level, influencing altcoins.
As of now, Litecoin appears stronger than Bitcoin, as displayed in the chart. The bulls defend at the demand zone closer to the $60 to $65 mark. In contrast, market sellers often reversed the bullish trend closer to the conceptual round level of $100.
Against the USDT pair, Litecoin price trades at the $91.37 mark, along with a 4.34% intraday gain. Crypto price is heading towards the ‘red zone’ of selling (closer to $100), which was the high prior to Terra’s collapse.
As per CoinMarketCap, Trading volume hiked over 150% in the last 24 hours, suggesting the speculators’ and investors’ buying activity.
In a bullish environment, Litecoin price is going to avoid the all-significant simple moving averages such as 20,50,100, and 200.
The daily RSI indicator is gradually moving into the overbought zone. Additionally, the MACD shows positive signs but remains in the negative zone.
The price structure signals a bullish rally to the conceptual round level of $100, and a rebound in the largest cryptocurrency could push LTC price above this critical selling zone.