Litecoin price analysis (Bullish) — 119.20 USDT (+1.93% 24h)

Litecoin is showing intriguing technical signals as it hovers near $119.20, posting modest 1.93% gains over the past 24 hours. The cryptocurrency currently trades just below its 20-day SMA ($120.20) while finding support around its 50-day SMA ($119.22), suggesting a critical technical juncture. With RSI reading at 33.8, LTC sits in oversold territory, potentially indicating an upcoming reversal opportunity. The $119 level appears to be forming a significant support zone, though traders should watch for a decisive break above the $120.20 resistance for confirmation of bullish momentum. Volume remains healthy at $98.5 million, providing adequate liquidity for position entries. Given the oversold conditions and proximity to key moving averages, traders might consider scaling into long positions with stops below $115, targeting initial resistance around $125. However, the moderate volatility of 3.24% suggests cautious position sizing until clearer directional momentum emerges.