HomeNewsLitecoin's Bullish Hurdles: Can It Overcome $68 and 50-EMA?

Litecoin’s Bullish Hurdles: Can It Overcome $68 and 50-EMA?

- Advertisement -
  • LTC’s consolidation: Persistently hovering over the $60 mark, despite sell/buy limit orders.
  • Whale’s impact: Significant coin offload in August raises eyebrows regarding LTC’s short-term prospects.

Deciphering LTC’s Recent Behavior

Litecoin (LTC), a key player in the cryptocurrency market, has recently exhibited a tendency to stabilize above the $60 benchmark. From mid-August onward, this digital asset has managed to stay resilient, even with significant sell and buy orders at play. Specifically, a crucial sell limit stands at $66, while buy limit orders are pegged at strategic intervals: $60, $55, and $50.

A more comprehensive view of the chart reveals that LTC’s current trajectory surpasses the range-top of $63 established in August 2022. Within that month, LTC had carved a notable price bracket between $50.5 and $63. The termination of the recent weekly candlestick session (spanning 28th August to 3rd September) above the $63 mark gives testament to the bulls’ determination to uphold this level.

Market Indicators & Order Block Insights

- Advertisement -

Drawing insights from the 4-hour chart on TradingView, notable market structures appear. One such structure is the H12 bearish order block (OB) lurking near $68, juxtaposed with the 50-EMA (Exponential Moving Average) dynamic resistance level at $65. While the LTC bulls valiantly held their ground post the mid-August price downturn, maintaining their stance above the August 2022 high of $63, they found themselves thwarted at the $70 barrier.

With the simultaneous presence of the H12 bearish OB and the 50-EMA, these might serve as impediments for the bulls. Should LTC successfully maintain its consolidation above $63 in the forthcoming days, it could establish a new market equilibrium. Yet, any breach below this level might trigger a downward thrust, potentially reaching $57 or even converging at the range base of $50.5.

>> Buy Litecoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with LTC now. Visit Website <<

- Advertisement -

To shed light on the market sentiment, the H4 RSI metric provides a compelling narrative. The RSI has steered clear of crossing the 50-mark in the initial phase of September, hinting at a subdued buying pressure. Contrarily, the CMF’s cross beyond zero signifies robust capital influxes into the LTC markets.

Order flow insights sourced from Mobchart, a reputable platform for tracking, illustrate a set of intriguing limit orders. Significant sell limit orders have been logged at $66 and $70 on the Binance Exchange’s spot market. Concurrently, buy-limit orders seem prevalent at $60, $55, and $50. This interplay of orders could govern LTC’s future trajectory.

One external factor worth noting is BTC’s performance. If Bitcoin sustains its momentum above the $25k range, it’s plausible that LTC might derive some influence, prolonging its stability above $60.

Best Crypto Exchange for Everyone:

  • Invest in Litecoin and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img