Key Insights
- Litecoin price is currently trading close to the $98 support level; if it holds, it may spark a rally toward $135.
- A record-breaking hashrate strengthens Litecoin’s network; will this lead to a long-awaited price breakout?
- Increasing volatility is indicated by technical indicators; will LTC rise above $111.50 or fall below $104?
As technical indicators indicate levels of support and resistance to monitoring, Litecoin (LTC) is displaying indications of bullish potential.
According to cryptocurrency analyst Ali, Litecoin may reach $135 if buying pressure increases and the price rises above $98.
Key Support and Resistance Levels in Litecoin
At the moment, Litecoin is on the verge of a critical support level of $98 that has historically drawn significant buying activity.
LTC might, however, maintain its hold above this level and rise toward the next significant resistance level of $135.
Before hitting this goal, an intermediate resistance for LTC was tested at $116. More bullish momentum should result from a breakout above this level.
According to Ali’s analysis, the price may drop to $91 and encounter additional buying pressure if it fails to take support at $98 and instead falls.
This indicates that the prices of LTC are moving within well-defined horizontal levels, indicating an increase in volatility. The $135 to $137.50 range is still a crucial rejection zone for sellers looking to make money.
The Record Hashrate and Market Attitude of Litecoin
Bellon Musk claims that the hashrate of Litecoin has reached an all-time high (ATH), citing robust network security and mining activity.
Merged mining, in which LTC, Dogecoin (DOGE), and Bellscoin (Bells) are all growing at the same time, is another factor contributing to the hashrate increase.
Some traders are making predictions about how the price action of Litecoin will be impacted by this price trend.
IntoTheBlock data shows that 33.01% (25.19M LTC) of LTC holders are losing money, while 43.64% (33.29M LTC) are making money.
The other 23.35% (17.82M LTC) is near breakeven and provides a significant level for those to buy or sell at.
A bullish move could be triggered by a break above $111.50, but a price decline and a close below $104 will put pressure on the downside.
Litecoin Price in a Channel: Can LTC Price Soar Post Breakout?
When writing, LTC crypto was trading at $109.47 which has increased by 5.24% over the past 24 hours.
The market capitalization was $8.25 Billion and the 24-hour trading volume was around $962.63 Million.
On a daily time frame, the Litecoin price is stuck in a parallel channel. It has been following the $95 & $140 levels as support and resistance levels respectively. Recently, it has defended the support zone and has gained mild bullish momentum.
Suppose the LTC price departs from the support zone, buyers may eye for the resistance level of $140.
Once the price triggers a breakout from the $140 level, a bullish rally can be anticipated. A successful breakout could lead to a massive bull run for a longer period.
Alternatively, if the price dives below the support level of $95, sellers might dominate ahead. If the price sustains below the 200-day EMA, buyers might lose momentum.
Here, most traders and investors would prefer to book profit, which could lead to a selling pressure.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Ekaterina Sokolova is known for her dynamic coverage of cryptocurrency markets and blockchain advancements. Her articles, featured in several prominent digital outlets, combine thorough research with a clear presentation style that demystifies complex technological trends for her readers.