Litecoin (LTC) price is showing signs of bullish potential as technicals point to support and resistance levels to watch.
According to crypto analyst Ali, if Litecoin goes above $98, buying pressure could increase and the asset may rise to $135.
Litecoin traded at $103.97 at press time with a 24 hour increase of 1.79%, based on Coingecko data. However, the asset has declined by 17.40% in the last 7 days as the market condition remains volatile.
Litecoin Price Key Support & Resistance Levels
Currently, Litecoin sits at the brink of a crucial support zone of $98, that has historically attracted heavy buying.
However, LTC may continue to hold above this level and drive higher towards the $135 next big resistance point.
An intermediate resistance for LTC that has been tested before reaching this target is at $116. Breakout above this level should lead to additional bullish momentum.
As per Ali analysis, if the price fails to take support at $98 and falls instead, it could decline to $91 and find more buying pressure.
This also means there is an increasing volatility with the prices of LTC moving within clearly defined horizontal levels. Rejection remains a key zone for sellers to take profit in the $135 – $137.50 area.
Litecoin Price Technical Indicators Suggest Potential Rebound
The Bollinger Bands (BB) indicate increased volatility, with LTC recently moving below the middle band ($123.25) and now hovering near the lower band ($105.58).
If LTC does not reclaim the middle band, a further pullback toward $98-$100 could occur. However, a move above $110 could indicate a potential price reversal.
The Relative Strength Index (RSI) is at 39.21 indicating that Litecoin is close to an oversold level, which will attract buyers.
Meanwhile, the MACD (Moving Average Convergence Divergence) is bearish as the MACD line is at -2.81 below the signal line at -1.82, implying additional downward momentum. To regain bullish strength, LTC needs to break out of the $115-$120 resistance.
Litecoin’s Record Hashrate and Market Sentiment
Litecoin hashrate has hit an all time high (ATH), as stated by Bellon Musk citing the mining activity and strong network security.
The growth in hashrate can also be attributed to merged mining, where LTC, Dogecoin (DOGE), and Bellscoin (Bells) are growing together. Some traders are speculating whether this price trend will affect Litecoin’s price action.
According to IntoTheBlock data, 43.64% (33.29M LTC) of LTC holders are profitable, while 33.01% (25.19M LTC) are in loss.
The other 23.35% (17.82M LTC) is near breakeven, and provides a significant level for those to buy or sell at.
A break above $111.50 could trigger a bullish move, while a weakness in price and a close below $104 will put pressure on downside.
Whale Activity and Market Influence
Recent data shows that the Litecoin whale concentration is 10.80% in terms of LTC, held by just two major addresses.
This suggests that a small group of major holders own a large part of LTC supply, from which sudden price action is possible should they decide to dump or buy more.
At the same time, out of all Litecoin’s 75.08M LTC supply, 143 active investors hold 37.92% (28.93M LTC) of it, meaning that mid-sized traders also are not to blame for price volatility.
Ultimately, if these investors keep buying more, this rally could very well push even further to $135 over the next few weeks.
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