Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- LTC bulls tried to interrupt $93 resistance stage.
- Patrons dominated lengthy/quick ratio with 52.27% margin.
The short-term rally within the crypto market previously 48 hours noticed Litecoin [LTC] put up beneficial properties of seven.9%. This spurred a agency rebound off the $85 assist stage with LTC buying and selling at $90, as of press time.
Real looking or not, right here’s LTC’s market cap in BTC’s terms
With Bitcoin [BTC] posting 3.1% beneficial properties throughout the identical interval and recapturing the $27k worth zone, LTC may attain the April excessive of $102 with sustained bullish momentum.
Bulls rally on decrease timeframe
Litecoin’s near-term worth motion on the four-hour timeframe strongly favored the bullish momentum. Between 8 Could and 14 Could, bulls discovered key assist on the $80 assist stage and rallied strongly to the touch the $93 resistance stage. This rally broke the bearish decrease excessive to sign a change in market sentiment.
Promoting strain on the $93 resistance stage compelled LTC to retest the $85 assist stage with bulls displaying their energy once more with a swift worth rally to $90. The subsequent problem lies for LTC at $93 with bulls aiming to flip the resistance to assist.
The on-chart indicators confirmed that vital demand for Litecoin may see bulls smash the $93 resistance stage. The RSI jumped above the impartial 50 and stood at 61, as of press time. The OBV recorded a good uptick in quantity to focus on elevated demand. The CMF additionally rose sharply and stood at +0.15 to trace at vital capital inflows for Litecoin.
An encouraging reality for bulls is that the $93 resistance stage has been examined 4 instances previously ten days. A powerful candle shut above the extent together with vital quantity may see bulls push on for extra beneficial properties. On the flip facet, a downturn once more by BTC will supply bears the chance to halt the bullish momentum.
Learn Litecoin’s [LTC] Price Prediction 2023-24
Spike in energetic addresses hinted at rising demand
Information from Santiment revealed that LTC witnessed vital spikes in energetic addresses over the previous seven days. This pointed towards the potential of elevated demand.
The demand for LTC was echoed on the lengthy/quick ratio. Patrons dominated within the quick time period with a 52.27% margin on the four-hour timeframe. Merchants ought to proceed to trace BTC’s worth motion and developments round LTC that might affect the coin’s worth.