The cryptocurrency market has performed well in the past hours, with most coin prices rising by at least 1%.
The crypto market posted encouraging gains recently as Bitcoin and several altcoins recovered after earlier declines. Bitcoin’s performance was modest, rising only 0.76% over the past 24 hours and remaining below the $62,000 level.
Ether has struggled to surpass the psychological $4,300 mark. Although ETH gained 1.84% in the last 24 hours, it was trading around $4,200 at the time of this technical analysis. Binance Coin (BNB), Cardano (ADA), Solana (SOL), Polkadot (DOT), XRP and Dogecoin (DOGE) all traded in positive territory during the same period.
Litecoin did not lag behind, despite losing some market position to other cryptocurrencies in recent months. LTC rose 0.94% over the past 24 hours and looks poised to maintain momentum over the coming days.
Short-term outlook for Litecoin (LTC) price
The 4-hour LTC/USD chart shows bullish conditions following Litecoin’s strong recent performance. The MACD line for Litecoin sits in positive territory, while the Relative Strength Index (RSI) near 52 indicates the asset is approaching overbought levels.
Litecoin needs to hold above the $194 pivot level over the next 24 hours to have a chance of reaching the first major resistance near $199. At the time of writing, Litecoin was trading at $194.
4-hour LTC/USD chart. Source: TradingView
For Litecoin to overcome Monday’s high near $197, broader support from major cryptocurrencies will be helpful. If a breakout occurs, Litecoin could attempt to test resistance around $205 before any pullback. A secondary key resistance level sits at $202, which could cap further upside in the short term.
On the downside, a drop below the $194 pivot would expose Litecoin to a move toward the main support at $191. Unless bearish market sentiment strengthens significantly, Litecoin should remain above $185 in the near term.