Litecoin">Litecoin (LTC) has shown some positive price action recently, with a 2.16% gain over the last 24 hours pushing its value to $64.81. This bounce comes even as Litecoin remains stuck in a broader downtrend across weekly and monthly timeframes.
In the short-term, Litecoin did see a minor 0.57% pullback over the last hour as some traders took profits. However, the coin is still up 2.16% in the last 24 hours, signaling sustained buying interest.
LTC trading volumes hit $268.56 million in the past day, underscoring healthy liquidity and active trading. Robust volumes confirm the latest price moves have substance.
Zooming out, Litecoin has posted 3.24% gains over the past week, outperforming itcoin">Bitcoin’s 2.1% seven-day increase and demonstrating gathering bullish momentum.
Nonetheless, the monthly outlook is less optimistic, with LTC down 17.47% over the past 30 days. This points to Litecoin still being constrained by a broader downtrend on higher timeframes.
Looking further back, LTC has plunged 18.01% in the last six months, reinforcing the dominant bearish structure throughout 2022 despite recent strength.
For traders, Litecoin appears to be staging a promising short-term revival but requires more evidence of trend reversal on weekly and monthly charts before the downtrend can be considered over.
Traders may look to play long setups on shorter timeframes if the upswing endures. However, caution is still warranted for extended bullish exposure given the overarching downtrend.
Upside levels to watch include the recent highs around $70. On the downside, strong support may emerge around $50, with a decisive break below this key level potentially fueling continuation of the downtrend.
In summary, traders should align strategies to the prevailing short-term trend while respecting the broader bearish backdrop across higher timeframes. This multi-timeframe approach can improve trading decisions.
