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- 1 The Litecoin price shows a bounce from the 50-day EMA mark and is heading toward $100.
- 2 Buyers are excited for a breakout and accumulate the coin for the past few sessions.
The Litecoin (LTC) price gained momentum and jumped massively from the 50-day EMA mark, replicating a fresh higher high swing above the $95 level. This move led the sellers into trouble, and the decrease in the OI gives a hint of the short-covering move. Apart from that, the bulls are keen on lifting the coin away from the round mark of $100 and persisting in accumulation.
Following the market surge, the Litecoin price regained traction and has jumped above the key moving averages, witnessing a bounce of over 35% this week and resembling the bull dominance.
At press time, the Litecoin (LTC) price was trading at $98.10 with an intraday gain of 0.70%, indicating neutrality on the charts. It has a weekly return ratio of 19.35% and 37.90% on a monthly basis. The pair of LTC/BTC is at 0.00133 BTC, and the market cap is $7.23 Billion. Analysts are bullish and suggest the LTC coin price will continue to lift the gains and may surpass the $110 mark soon.
Litecoin Trading Volume Rose Sharply; Witnessing Buying Momentum
The chart replicates a range breakout, and sharp volume buying activity was witnessed this week. The coin has jumped from the 20-day EMA mark, and a huge bullish engulfing candlestick was noted. Additionally, the trading volume sharply spikes over 20% to 1.29 Billion, revealing the investors’ interest.
Price Volatility and Relative Strength Index Signifies Bulls’ Dominance
The data indicates that the coin has delivered sharp volatility and fluctuations this week. The price volatility curve sharply jumps over 50% to 0.06, indicating massive trading in the coin. Additionally, the coin is in an uptrend, and the relative strength index curve stays in the overbought zone, indicating bullish momentum. However, investors need to be cautious and monitor the levels, as the price is overbought, and a retracement is due for the past weeks.
Social Dominance and Development Activity Overview
The social dominance data takes an elevation and jumps to 0.583%, hinting at the positive media discussion reports on social media platforms leading to a rise in the coin. However, the development activity keeps declining and slips to 0.333.
Total Supply and Open Interest (OI) Analysis
The Total Supply value of Litecoin (LTC) is 73.68 Million, and the derivative data reveals the short covering move, as the open interest value noted a decline of over 4.84% in the last 24 hours. The total number of holders kept increasing, and the value was 7.87 million.
The current global ranking of Litecoin (LTC) is 23 by the market cap, and the volume-to-market cap ratio is 0.139.
Summary
The Litecoin (LTC) indicates a bounce and is ready to surpass the round mark of $100 in the following sessions. The trend is intact, and the coin may register a breakout soon. LItecoin seems poised for an up move. The bulls are tightening their grip and getting ready to skyrocket the coin price soon.
Technical Levels
Support Levels: $95 and $90
Resistance Levels: $100 and $110
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
