Litecoin (LTC) price remained resilient on Tuesday as most cryptocurrencies made fresh weekly lows. The sell-off occurred due to Bitcoin price plunging to the lows of $41,630 before recovering back above $42,200 at press time.
LTC price was having a very good day before it faced an increased selling pressure. Nevertheless, it was still up 0.48% against USD and 3.6% against Bitcoin on the daily timeframe. On the monthly timeframe, Litecoin is up 4.54% this month which is the fourth consecutive green month for the cryptocurrency.
Even though LTC is not experiencing a massive influx of fresh capital like Bitcoin, Ethereum and Solana, it is still looking set to post more gains in the coming weeks. This is because the local bullish market structure is still intact as it keeps on making higher highs on the daily chart.
However, Litecoin price is yet to break above its 200-day moving average which is a sign of weakness. The momentum breaks above the key moving average, which lies at $74.89; I expect a surge toward $85, which is the middle of the current trading range, as shown in the chart below.
