Amid the overall cryptocurrency market decline, Litecoin has demonstrated a modest price increase over the last 24 hours, standing out among other digital assets.
Current Litecoin Dynamics
In the last 24 hours, Litecoin has shown a modest price increase of 0.67%, as visible in its daily chart. On December 17, the altcoin was trading at $118 before falling to an intra-day low of $114. However, during the morning hours of December 18, it began surging to reach a 9-day high of $131.48. At the time of writing, LTC was trading at $119.76, according to CMC data.
Weekly Trend Analysis
Zooming out, over the past week, Litecoin depicts a price increase of 7.73% despite multiple bearish market periods. At the beginning of the week, the altcoin was trading at a low of $112.26. After several days of consolidation, it saw a surge hitting the aforementioned highs.
Future of Litecoin Price
When analyzing the price actions of Litecoin, it traces a horizontal channel pattern, usually followed by a price breakout or descent. Its Chaikin Money Flow (CMF) value stands at 0.25, indicating increased capital influx. The bull power indicator value is 4.60, while the bear power indicator value is -2.29, suggesting a bullish dominance. The cryptocurrency recently hit a two-year high at the beginning of December.
Litecoin's market behavior indicates potential for further price growth despite the general decline in the cryptocurrency market. Technical indicators suggest bullish dominance given the current market conditions.
