Is Litecoin about to embark on a liquidity hunt to $65?

by ChainChirp
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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

  • Litecoin lacked a pattern on the upper timeframe charts.
  • A pocket of liquidity simply above costs was a spot that may very well be examined shortly.

Litecoin [LTC] traded inside a variety formation previously two months. On the time of writing, Litecoin was approaching a key resistance degree. Even a breach of this degree would possible not lead to a powerful bullish transfer.

Learn Litecoin’s [LTC] Worth Prediction 2023-24

A current technical evaluation by AMBCrypto famous that LTC was buying and selling close to a two-year low. Nevertheless, Monday’s Bitcoin [BTC] pump meant LTC noticed some features, however these had been rapidly retraced. Can the bulls repeat the identical as soon as extra?

The vary formation curtailed Litecoin’s bullish enthusiasm

Litecoin to embark on a liquidity hunt to $65? Here's what the proof for and against

Supply: LTC/USDT on TradingView

Since mid-September, Litecoin has traded inside a variety that prolonged from $68.3 to $57.8. The mid-range degree was at $63 and has been examined a number of occasions as each help and resistance in current weeks.

Moreover, there was a bearish breaker block within the $65-$73 zone that was plotted from the 1-day worth chart. Mixed with the mid-range resistance, it outlined a big territory beneath bearish dominion.

The RSI climbed above impartial 50, and the market construction was on the verge of flipping bullishly. In distinction, the OBV continued the downtrend it has been on since September. This mirrored an absence of demand available in the market.

The liquidation ranges confirmed doable ranges that might yield an LTC reversal

Litecoin to embark on a liquidity hunt to $65? Here's what the proof for and against

Supply: Hyblock

The Cumulative Liq Ranges Delta confirmed a bullish bias. The metric tracks the cumulative sum of the distinction between all lengthy liquidation ranges and all brief liquidation ranges throughout time. Optimistic values point out that there are extra lengthy liquidation ranges, whereas detrimental values point out that there are extra brief liquidation ranges.

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Furthermore, there have been vital chunks of brief liquidation ranges to the north, notably at $63.66 and $64.04. $65.3 was one other degree that may very well be examined earlier than a bearish bias.

Is your portfolio inexperienced? Test the LTC Revenue Calculator

The value motion and the technical indicators confirmed there was some risk of a minor transfer larger.

The info from Hyblock agreed with these findings and laid out extra exact ranges the place a bearish reversal may happen. If Bitcoin occurs to retrace its current transfer to the $29.4k degree, a bearish Litecoin within the short-term may be anticipated.

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