- 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
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.
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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.
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