LimeWire (LMWR) Jumps 65% in 24 Hours – Is It Time to Buy?

LimeWire (LMWR) has seen an incredible 65% rise in just 24 hours. After a 200% jump since November 5, the altcoin reached a high of $0.32 on November 17. LMWR has entered new territory, breaking past key resistance levels. However, the price now faces a critical test. 

What’s Behind the Surge?

LimeWire’s recent surge came after breaking through long-standing resistance at $0.30. This level also aligns with the 200-day EMA, marking a crucial point for bulls. 

At press time, LMWR is trading around $0.27, with a 65% gain in the last 24 hours. However, the price is still struggling to hold above the $0.30 zone, which continues to act as a barrier. 

The altcoin cleared both the 20-day and 50-day EMAs, signaling positive momentum. If the 20-day EMA crosses above the 50-day, it could trigger further gains. 

Should You Buy Now?

LimeWire’s rally has been impressive, but buying near resistance could be risky. Trading volume surged by over 260% in the past 24 hours, confirming a strong uptrend. However, traders should also monitor Bitcoin’s price. 

Bitcoin’s market influence could impact LMWR’s next move. The MACD has turned bullish, with the MACD line crossing above the signal line. This could indicate a continued short-term uptrend. 

Still, if LMWR can’t break $0.30 and hold, a pullback to $0.20 is possible. For those looking to enter, patience may be key. A break above $0.30 could lead to a stronger rally. But with RSI levels so high, cautious traders might want to wait for a clearer signal before diving in.