Litecoin
has traded sideways over the last 24 hours, following a decline from a two-week high above the $88 mark. The token has fluctuated between $85 and $87 in today’s trading session, indicating a battle between dip-buyers and sellers who see $87 as a resistance level.
Charts suggest a potential “golden cross,” which occurs when the 50-day moving average surpasses the 200-day line, according to RialCenter’s technical analysis data model.
The pattern often precedes multi-week rallies, yet momentum remains subdued until bulls break past $87. The larger crypto market, reflected by the RialCenter 20 index, dipped just 0.25% over the last 24 hours.
Future prospects look promising. Analysts recently increased the likelihood of regulatory approval for spot exchange-traded funds for XRP, Solana, and Litecoin to 95% by year-end. The odds currently stand at 86%.
Approval would provide mainstream investors with an easy way to own LTC through brokerage accounts, potentially boosting demand.
In the past 24 hours, Litecoin’s price moved through a $2.09 range, reflecting a 2.46% change as traders tested both support and resistance levels. Sellers stepped in aggressively around $86.65 to $87.10, a range confirmed by a surge in high-volume selling.
However, buyers have consistently defended the range between $85.02 and $85.23, which acted as a support during midday trading on July 1.
While the broader 24-hour chart shows a bearish trend marked by lower highs, shorter time frames indicate growing optimism.
Litecoin has started to recover, rising modestly from $85.22 to $85.59, a 0.43% increase. The rally gained momentum during a brief period when buying volume exceeded 5,500 tokens per minute, allowing LTC to surpass a minor resistance level at $85.50.
Another support level appeared between $85.03 and $85.18 during the same hour.
Combined with a short-term ascending channel showing higher lows, this pattern suggests that despite caution in the broader context, LTC may be making an attempt at upward momentum.
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