Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- 6.1% positive aspects propelled LTC towards the $80 psychological degree.
- Rising imply coin age hinted at network-wide accumulation.
Litecoin [LTC] jumped 6.1% within the final 24 hours to proceed its rally from the $72 help degree. The promoting strain on LTC flipped its market construction to bearish after the break of the bullish trendline and significant $80 help degree. Nonetheless, bulls halted the bearish momentum on the $72 help degree, rebounding to commerce at $77.5, as of press time.
Real looking or not, right here’s LTC’s market cap in BTC phrases
With Bitcoin [BTC] posting positive aspects of 4% over the identical interval to push it to $26.5k, LTC can look to file extra positive aspects, because of its correlation with BTC.
The rally is on…
Supply: LTC/USDT on Buying and selling View
Litecoin’s rejection from the $97 resistance degree on 3 June ushered in a large promoting wave. This noticed LTC smash the help ranges at $85 and $80 respectively.
One other downward transfer on 14 June noticed Litecoin attain the March low of $72. On this case, bulls shortly defended the help degree and rallied with 5 successive bullish candles on the 12-hour timeframe.
This revealed the sturdy shopping for strain on the $72 help degree and the readiness of bulls to reclaim some misplaced territory, as worth edged towards the $80 psychological degree.
Consumers could be inspired by the bullish crossover on the Shifting Common Convergence Divergence (MACD) indicator. This hinted at rising bullish momentum within the quick time period. The Relative Energy Indicator (RSI) additionally climbed strongly out of the oversold zone and stood at 41, as of the time of writing.
For a sustained bullish reversal, consumers might want to clear the hurdles on the $80 resistance degree and break above the trendline. These will likely be two essential zones the place bears will look to interrupt the bullish rally and pressure costs again down.
How a lot are 1,10,100 LTCs price right now?
Shifting tides in futures market as imply coin age rises
Supply: Santiment
Information from Santiment revealed that the 90d imply coin age has been on a gradual uptrend since 10 June. It hinted at an elevated accumulation of LTC which might translate to extra shopping for strain.
The four-hour liquidation information from Coinglass confirmed that shorts took a beating throughout a number of cash within the futures market and LTC shorts weren’t neglected. About $565.82k price of shorts had been wrecked, accounting for 98% of liquidations. These signaled consumers gaining the higher hand, as LTC seems to reverse its latest losses.
Supply: Coinglass
