Litecoin had been struggling to regain bullish momentum after the bull run crash. In the recent timeframe, the market sentiment appears to be turning back towards bullish and Litecoin is moving in tandem with the market. At the time of press, LTC stands at a price level of $144.72. The price has increased by 3% in the past twenty-four hours while the weekly growth is at 6%. The daily trading volume of the cryptocurrency has increased by 20%. Litecoin is the fifteenth largest cryptocurrency in the market with a capitalization of $9.68 billion.

Technical analysis

The market sentiment for Litecoin is bullish given the gradual uptrend. Eleven of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position and five are bearish with a sell signal. The Oscillators are neutral while the Moving Averages are suggesting an uptrend.

Litecoin had been operating in a descending channel formation; however, the bullish week at the end of July helped LTC break the descending channel. Afterwards, the cryptocurrency started off on an ascending trendline which was acting as support. But the bears dominated LTC’s bulls and the support was broken at $143. The trendline became a resistance for the cryptocurrency after that. The recent bullish momentum in the market is leading LTC coin towards a horizontal resistance line at $155. If the resistance line is broken further levels lie at $185 followed by $220. The resistance levels are also potential price targets for LTC.

Will the bulls seize the market for Litecoin?

BitPay – a crypto payment service provider – recently added support for Litecoin to its BitPay Wallet. The development coupled with favorable technical indicators may help the bulls to pick up the pace, once again, for Litecoin. LTC coin may be able to reach for the moon if the favorable outlook persists. The higher price targets will be activated for Litecoin once the immediate resistance line is broken.