- Bullish momentum and shopping for strain instructed that Litecoin is prone to climb in the direction of $74 and past
- A transfer past $82 would counsel {that a} long-term uptrend is feasible
Litecoin [LTC] traded inside a spread between the $60 and $74.9 ranges. Over the previous two weeks, the bulls have made a valiant effort to drive costs previous the Level of Management (POC) and preserve them there.
With momentum and quantity in favor of the patrons, at press time, it appeared possible that the transfer may attain greater. Right here’s the place merchants may look to take earnings, and the place a long-term uptrend may set up itself.
Quantity profile vary highs and Fibonacci stage have confluence
Supply: LTC/USDT on TradingView
The Fastened Vary Quantity Profile revealed that the POC was at $65.5. Since August, Litecoin has crossed this stage a number of instances, however the bulls have been comparatively stronger over the previous month. The MFI highlighted bullish momentum and shopping for strain, however was not close to overbought situations but.
The FRVP’s excessive was at $74.9, simply above the 50% Fibonacci retracement at $73.25. LTC bulls may take some time to clear these resistance ranges on account of their significance in latest months.
The downtrend of Litecoin since Could implies that a transfer past $82.6, the 78.6% retracement stage, can be essential to usher in a long-term uptrend.
Is Litecoin about to face reversal?
Supply: Coinglass
The three-month liquidation heatmap confirmed that the $71.7-$72.8 area has been an vital liquidity pocket. Nevertheless, up to now 24 hours of buying and selling, whereas LTC climbed to $73.07, it fell to $71 as soon as once more.
Learn Litecoin’s [LTC] Value Prediction 2024-25
This liquidity cluster extends to $75, however is much less dense. Subsequently, a worth transfer past $75 can be the primary signal that there’s a robust probability of a breakout previous $82. Particularly as it might point out bullish energy.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
