Can Litecoin clear the $95 hurdle
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC’s trading volume was up >70% in 24 hours.
- More short positions liquidated, reinforcing bulls’ little edge.
Litecoin’s [LTC] halving is around the corner, but the price was yet to cross the $100 psychological level as of press time. Nevertheless, the LTC trading volume was up >70% in the last 24 hours, as per CoinMarketCap. LTC bulls must contend with crucial resistance levels despite the upsurge in volume being a bullish cue.
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LTC’s lower and higher timeframes were in a bearish bias. With uncertainty around BTC’s short-term recovery, LTC has posted mixed signals across the on-chain activity ahead of 4 August halving.
Can bulls clear these overhead roadblocks?
LTC’s price rebounded from the recent low of $88. But the price hit the crucial resistance level of $95. The level acted as a brief support in early July but was flipped to resistance amidst the increased weakening of BTC.
A weak BTC below the range-low of $29.5k could complicate further advance beyond the immediate $95 resistance. So, a retest of 38.2% Fib level of $88 couldn’t be overruled.
However, LTC bulls’ further advance could be feasible if they close above $95. Besides, further bullish intent could only be reinforced if price action cleared the 61.8% Fib level of $98. If bulls clear the two roadblocks, a retest of $100 could be likely, especially if BTC reclaims the range-low of $29.5k.
Meanwhile, the RSI crossed above the neutral level of 50, indicating improved buying pressure in the last few hours. Similarly, the CMF (Chaikin Money Flow) wavered above zero, showing positive but fluctuating capital inflows.
How much are 1,10,100 LTCs worth today?
More short positions liquidated
According to Coinglass, LTC recorded more liquidations in short than long positions. Approximately >700k worth of short positions were wrecked in the last four hours as of press time. Over the same period, long positions suffered <100k worth of liquidations. The data reinforces short-term bullish bias.
But the bias could change in favor of bears if the $95 resistance persists and BTC fails to reclaim the $29.5k range-low. So, it is worth tracking these two fronts ahead of LTC halving.