Litecoin (LTC) Recouped 10% This Week, Selling Pressure Reduced?

• 1 Litecoin price might reach $90, if it succeeds to cross the trendline barrier of $85.
• 2 Buyers have resisted selling pressure, a rebound over 10% this week was noted.

The Litecoin (LTC) price sustained near the $80 mark and is on the verge to cross the trendline barrier of $85, which might lead to a short term bounce toward $90.

The price action signifies that, LTC coin has decisively held onto the 200 day EMA mark and is looking to stretch the pullback and aims to retain the round mark of $100.

For the past few sessions, Litecoin has retested the upward trendline multiple times, respected the trajectory and decisively sustained above it.

At press time, the Litecoin crypto (LTC) price traded at $80.32 with an intraday drop of 1.22%, reflecting neutrality on the charts. It has a monthly return ratio of -35.20% and 222.90% yearly.

The pair of LTC/BTC is at 0.000163 BTC, and the market cap is $1.31 Billion. Analysts are neutral and suggest that the Celestia crypto may continue to drag gains and will underperform in the upcoming sessions.

Is Litecoin Aiming At The $100 Mark? Key Metrics Suggest Rally Ahead

Following the market selloff, the LTC price has retested the 200 day EMA mark and has depicted bearishness over the past few weeks. 

Source: TradingView

The intraday trading volume dragged over 13.29% to $341.21 Million, reflecting average volume buying throughout this week.

Key Indicators Suggests LTC About To Initiate Upmove

Per the Fibonacci retracement zone, Litecoin (LTC) price trades below the 38.2% zone and took support near the mid bollinger band, around $75.

Per the data from IntoTheBlock, transaction volume significantly dropped, noted a 7D average at 35.21 Million. However, only 8.29% of the 93,000 active addresses are in profit, while 84% of the active addresses are looking to cover their gains.

The Global In/Out out of the Money (GIOM) indicators reveals that only 13.19% at the money positions are still active near the price of $81. However, a large block of 44.72% maintained grip with a supply bought around $85.

If the Litecoin price succeeds to cross $85, sharp aggressive volume buying can be seen, resulting in short covering.

Are Sellers Trapped Or Fresh Bull Accumulation, What’s Cooking?

Per the Santiment data, the development activity data witnessed a significant decline over 3.78% and dragged to 0.643.

Source: Santiment

However, the derivative data signifies fresh long buildup activity and the open interest spiked over 1.56% to $383.64 Million. Additionally, the sellers have done their job and covered their positions.

Litecoin’s market cap soared over 1.87% to $5.99 Billion, whereas the total supply was noted at 73.68 million. However, the coin ranked at 24 per the market cap listing.

Conclusion

The Litecoin (LTC) price sustained above the 200 day EMA mark and is close to breach the $85, trendline hurdle. Similarly, the overall trend is neutral and technical indicators are favouring the bounce.

Technical Levels

Support Levels: $78 and $70

Resistance Levels: $85 and $90

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.