Litecoin (LTC) price has been hovering near the $80 mark and is potentially close to breaking through the $85 trendline barrier, which could result in a jump to $90.

The recent price action indicates that LTC has successfully held onto the 200-day EMA and is aiming to continue the upward momentum towards the $100 mark.

Litecoin has been consistently testing the upward trendline, respecting its trajectory, and staying above it.

Currently, Litecoin is trading at $80.32, with a slight intraday drop of 1.22%. The monthly return ratio is -35.20%, while the yearly return ratio is 222.90%.

The LTC/BTC pair is at 0.000163 BTC, with a market cap of $1.31 Billion. Analysts are neutral on the outlook for Litecoin, suggesting that it may struggle to make significant gains in the near future.

Is Litecoin Aiming At The $100 Mark? Key Metrics Suggest Rally Ahead

Following a recent market selloff, Litecoin has retested the 200-day EMA and shown bearishness in the last few weeks.

The trading volume for Litecoin has decreased by over 13.29% to $341.21 Million, indicating average buying volume throughout the week.

Key Indicators Suggest LTC About To Initiate Upmove

Based on Fibonacci retracement, Litecoin is currently trading below the 38.2% zone and finding support near the mid Bollinger Band around $75.

According to data from IntoTheBlock, transaction volume has dropped significantly, with only 8.29% of active addresses in profit. The Global In/Out of the Money (GIOM) indicators show that only 13.19% of at-the-money positions remain active near the $81 price level.

If Litecoin manages to cross the $85 mark, aggressive volume buying is expected, leading to short covering.

Are Sellers Trapped Or Fresh Bull Accumulation, What’s Cooking?

Santiment data indicates a decline in development activity by 3.78%, dropping to 0.643.

Derivative data, on the other hand, suggests a fresh long buildup activity, with open interest increasing by 1.56% to $383.64 Million.

Litecoin’s market cap has risen to $5.99 Billion, with a total supply of 73.68 million. Despite this, LTC is ranked 24th in terms of market capitalization.

Conclusion

Litecoin’s price has remained above the 200-day EMA and is close to breaking the $85 trendline barrier. The overall trend is neutral, with technical indicators showing potential for a bounce.

Technical Levels

Support Levels: $78 and $70

Resistance Levels: $85 and $90

Disclaimer

The views expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.