Litecoin: Can a sustained bull run push LTC toward $70?
Will Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC buyers registered gains of over 5% over the past day.
- A spike in the 90d Mean Coin Age could produce a long-term bullish rally.
Litecoin [LTC] broke out of a price slump with 5.2% gains over the past 24 hours. Previously LTC saw little price action between 13 October and 15 October, as sellers bidded to break below the $57 support level.
Read Litecoin’s [LTC] Price Prediction 2023-24
However, the rapid change in market sentiment with Bitcoin [BTC] climbing strongly above $27k allowed LTC buyers to rally. Can this pump produce a bullish breakout from LTC’s extended range formation?
Bulls show signs of life
The massive selling pressure on Litecoin had seen it trade close to a year-low over two months. With buyers finding temporary support at the $57 price level, recovery attempts have been quite muted, keeping LTC between $57 and $70.
Nevertheless, the rise in buying pressure as seen by the Relative Strength Index (RSI) climbing strongly above the neutral 50 could spur a sustained bullish rally. Furthermore, with LTC trading at $64, at press time, a strong push to $70 could materialize over the next days.
This would require bulls to cross the lower high hurdle at the $65 price zone and be dependent on a significant jump in daily trading volume. This would be despite the On Balance Volume (OBV) trending in the lower range.
Mean coin age sky-rockets
According to data from Santiment, the 90-day Mean Coin Age spiked rapidly between 2 October and 15 October. This hinted at an accumulation spree by bulls in anticipation of a sustained bullish rebound in the long term.
How much are 1,10,100 LTCs worth today?
With the 90d Market Value to Realized Value (MVRV) ratio still negative, it suggested that long-term holders were most likely increasing their positions to take advantage of a price reversal.
This showed that LTC could go on a sustained bullish run with $70 the near-term target for buyers.