Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
Litecoin [LTC] maintained its upward momentum, flipping the $93 resistance to help. LTC’s 6.5% positive aspects previously 24 hours noticed it obtain a session shut above the $93 resistance stage.
Bulls can be seeking to construct on these positive aspects by focusing on the resistance stage of $102 final achieved in mid-April, particularly with Bitcoin [BTC] making one other foray into the $27k worth zone.
LTC consumers prolong bullish streak
Litecoin prolonged its two-week-long bullish dominance by taking pictures previous one other resistance stage. LTC claimed the $93 resistance stage with 4 12-hour bullish candles in a row. This got here after bulls had efficiently defended the $80 psychological help stage on 14 Might and flipped the $85 stage to help on 25 Might.
An earlier price report highlighted that the $93 resistance stage had been examined 4 instances previously 10 days and a break above the extent was inevitable, because of the important demand.
The on-chart indicators advised a robust continuation of the bullish momentum. The Relative Power Index (RSI) remained above the impartial 50 and stood at 65, as of press time. The On-Steadiness Quantity (OBV) highlighted the robust demand with a 1.42M uptick in quantity over the previous 24 hours to keep up its upward pattern.
One other session shut above the brand new help stage at $93 together with important quantity may see bulls push on for extra positive aspects. Nonetheless, bears can be seeking to stall the bullish momentum with a worth reversal.
Rising lively addresses spur purchaser’s confidence
The each day lively addresses skilled a pointy rise from 5 Might. Knowledge from Santiment revealed that each day lively addresses have been over 2.4 million, as of press time. This might enhance the bullish momentum with a big buying and selling quantity accelerating consumers’ efforts.
The 90d imply coin age has additionally been on a gentle upward climb since 26 Might. It hinted at lowered LTC motion between addresses and elevated accumulation.
Learn Litecoin’s [LTC] Price Prediction 2023-24
Equally, the Market Worth to Realized Worth (MVRV) ratio confirmed that LTC was within the overvalued territory. The MVRV stood at 39.04%, as of press time. This confirmed that LTC consumers have been making important positive aspects.
Merchants ought to carefully monitor the market circumstances and Bitcoin’s worth motion, as these may influence LTC’s worth within the mid/long run.