LTC/USD rose to $195 earlier than sellers pushed it to $180
Litecoin is amongst a number of altcoins which have shone as Bitcoin has retreated from its latest all-time excessive. The cryptocurrency mirrored different large gainers corresponding to Binance Coin, Cardano, and ChainLink in transferring larger.
LTC worth moved to highs of $195 on Wednesday earlier than correcting the beneficial properties amid a lull within the broader market. The transfer represented Litecoin’s highest worth degree in almost three years. The final time LTC/USD exchanged palms on the $195 degree was in March 2018.
Litecoin worth spiked amid community development
On the time of writing, LTC trades at $186. It’s about 3 % decrease on its 24-hour opening worth, however nonetheless greater than 22% up over the previous seven days.
This uptick in Litecoin’s worth coincides with a spike in community exercise, in line with information shared by on-chain analytics platform Glassnode. As per the agency, lively addresses have jumped to 231,973, a brand new excessive that represents the most important development since 5 June 2020.
There has additionally been a spike in new addresses, with this rising to 101,862 for its highest depend since April 2019. The rise in new addresses is a key metric that means extra traders have joined the community and are including to the buy-side momentum.
Litecoin chart exhibiting enhance in new addresses. Supply: Glassnode
Litecoin worth outlook
Litecoin (LTC) didn’t maintain the momentum after touching the multi-year excessive of $195, because the earlier candlestick exhibits. Aggression on the a part of the bears seems to have fizzled out, with bulls seemingly energised after shopping for the dip.
Presently, extending beneficial properties above the resistance degree at $186 is the primary objective for bulls. That may permit them to retest 10 February intraday highs. If sellers’ stubbornness breaks, upward motion will doubtless shoot LTC/USD previous $200 and see it settle above $220.
LTC/USD day by day chart. Supply: TradingView
The MACD and RSI indicators give bulls the higher hand and costs above $250 provide a legit brief time period goal.
Bears are, nevertheless, prone to stage one other vigorous sell-off if costs attain the above ranges.
If bulls fail to maintain LTC/USD above $185, elevated revenue reserving may speed up a retreat in the direction of the 20-day exponential transferring common. The EMA gives a buffer zone at $155.
Failure to consolidate above the value degree may go away a horizontal assist line at $130 as the primary anchor. A breakdown past this assist line may tip LTC/USD in the direction of $100.