Litecoin Eyes $94 Amid Bullish Momentum
Key Takeaways
- Litecoin (LTC) is successfully defending support at $83 USD.
- A rise to $94 USD is possible, supported by short liquidations.
- Technical indicators show mixed signals: upward trend, but still limited demand.
- A temporary pullback to $85 USD remains a short-term possibility.
Strong Support at $83 USD
In recent days, Litecoin has successfully maintained a key support zone at $83 USD. This level has proven to be a solid foundation, with the price repeatedly bouncing off it. A downward breakout currently appears unlikely unless there is a significant deterioration in overall market sentiment.
Fibonacci Level as a Bullish Signal
Litecoin recently broke through the 78.6% Fibonacci retracement level. This technical threshold lies around $89.30 USD and is considered a significant resistance point. A closing price above this level indicates bullish market participants. The next target is now between $94 and $96 USD.
Technical Indicators: Focus on MACD and CMF
The MACD (Moving Average Convergence Divergence) is showing a clear upward trend, indicating increasing positive momentum. At the same time, the CMF (Chaikin Money Flow) remains below the +0.05 line. This suggests that while capital is flowing into the market, it is not at a level that indicates strong demand. This points to a cautious upward movement without excessive buying pressure.
Short Liquidations as a Price Driver
According to data from Coinglass, there is a notable concentration of short positions around the $93.50 USD mark. These so-called liquidation zones often act like magnets for the price, as traders are forced to close their positions when the price rises. This can lead to a short-term acceleration of the upward trend.
Interim Target at $85 USD Possible
Despite positive signals, a short-term pullback to $85 USD cannot be ruled out. Liquidity has also recently built up in this zone. A decline to $80 USD, on the other hand, appears less likely, as the $83 USD support level has held multiple times over the past two weeks.
Our Assessment
Litecoin is currently showing a stable technical setup. The support level at $83 USD forms a solid base for further price gains. If the price reaches the $94 USD mark, a further rise to $96 USD is also conceivable. Short-term pullbacks are possible, but do not change the overall upward trend. Those holding Litecoin or considering an entry should keep an eye on the $83, $85, and $94 USD levels. The development will largely depend on market liquidity and the behaviour of short positions.
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Sources
- TradingView
- Coinglass
| Symbol | LTC |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 93.07 |
| 24h % | 5.47 % |
| 7d % | 4.22 % |
| 30d % | 35.33 % |
| 60d % | -4.07 % |
| 1y % | 13.72 % |
| Market Cap | $7,054,948,851.00 |
| Max. Supply | 84,000,000.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X | Message Board |
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