Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- The transfer above a decrease timeframe resistance zone was an necessary growth.
- A weak Bitcoin might wipe out Litecoin’s latest positive factors.
Litecoin [LTC] has stuttered on every strategy of the $100 zone prior to now three months. The bulls had been within the means of driving one other rally from $76 to $100, and on-chain metrics advised that this time could possibly be totally different.
Learn Litecoin’s [LTC] Worth Prediction 2023-24
Bitcoin retested $27.8k as resistance on 15 Might and didn’t have a bullish bias on the upper timeframes. This might negatively affect Litecoin costs in case BTC costs fell.
The robust inflow of demand at $80 drove an LTC transfer previous $90
Supply: LTC/USDT on TradingView
The day by day timeframe chart confirmed a spread formation (yellow) between $65.6 and $102.7. The mid-point at $84.2 served as help in mid-April earlier than LTC fell as far south as $75.2.
Since then, and particularly prior to now 4 days, demand for Litecoin has been vital.
The patrons managed to drive costs upward by 17.8% measured from Sunday’s swing low. The RSI jumped again above impartial 50 to point out robust bullish momentum. Nonetheless, the OBV was but to interrupt the native resistance degree.
Above the vary highs sat a bearish order block on the day by day timeframe from 4 Might 2022. The bulls tried to breach this space in each February and April however had been rebuffed on each events.
An encouraging reality was that April’s rejection noticed the next low kind at $75.2, as a substitute of a transfer again to the vary lows.
A have a look at the 4-hour charts confirmed that the $88-$91.5 space had robust resistance, however LTC managed to maneuver previous this zone.
This supported the concept that a transfer to $100-$102 was attainable, nevertheless it remained probably that Litecoin can be unable to rally above $105 except Bitcoin noticed sentiment shift to bullish as effectively.
Practical or not, right here’s LTC’s market cap in BTC phrases
On-chain metrics confirmed an accumulation part over the previous two weeks
Supply: Santiment
Santiment information confirmed the imply coin age (90-day) was rising since 2 Might. This was indicative of accumulation throughout the community because it confirmed decreased token motion between addresses, and thereby a discount in promoting strain.
The dormant circulation was additionally subdued on this interval, displaying an absence of intense promoting. The sharp rise in lively addresses pointed towards the potential of elevated demand.
