Litecoin (LTC) is back to the spotlight at the mid-week from recent lows after a minor correction affirms the token’s rebound off the weekly low of $180 as buying interest increases.
*Price gains momentum at $180 support as buyers prevail
*The token bulls attempt to run over the $200 level
*LTC number of receiving addresses (7d MA) just reached a 3-year high
More upside is possible if price action is indeed in a rebound as only a deeper breakout places the uptrend view in danger. After two consecutive bearish days on the LTC, the price gains momentum at $180 support as buyers prevail. The token bulls attempt to run over the $200 level up from the retracement level of the down leg from $182 low to $197 intraday high. The market cap is currently 10th on the Coinmarketcap table at $13.06 billion, with $3.74 billion in exchange-traded volume over the past 24 hours.
Active Litecoin Receiving Addresses Hits a 3-Year High
Earlier it was indicated that the number of active addresses on Litecoin, the world’s tenth-largest cryptocurrency by market cap, has grown by over six-fold in the past year, data from on-chain analytics service Glassnode shows. However, Glassnode analytics recently shows that the LTC number of receiving addresses (7d MA) just reached a 3-year high of 12,824.167. This refers to the number of unique addresses that were active as a receiver of funds. Only addresses that were active as a receiver in successful non-zero transfers are counted.
LTC Daily Chart: Ranging
The moving average (MA 50) is within the present market price at $193 on the daily chart for the LTC/USD, confining the bull run. The prior day’s recovery attempt reached the mark at $189, eventually today rising steadily at $190 beyond the MA 50, during the current session. Beneath the MA 50, the LTC/USD stays vulnerable to medium to long-term declines.
A daily close past the $190 level of resistance may see traders raising bullish positions against the LTC/USD pair. The LTC/USD pair is only bullish while exchanging beyond the level of $180, the main resistance is seen at levels between $200 and $220. Once the LTC/USD pair exchanges beneath the $180 level, sellers may test the support levels of $169 and $153.
LTC 4-Hour Chart: Ranging
LTC/USD has broken beneath the head-and-shoulders trend on the intraday charts which leads to a reversal. However, the price recovered from beneath the neckline at $180, the bearish traction with the next emphasis under $180 may gain a foothold. This support is bolstered by the ascending trendline support. The sell-off may proceed against the horizontal support level of $190 until it is out of the path.
The actual rebound is pegged under the $200 level per 4-hour MA 50. Once it’s out of the path, the positive side is likely to continue its rebound with the next emphasis on $210 confirmed by the recent high at $197. To establish traction upside and target at $220, a stable push is required over this region. Besides that, the key resistance emerges at the psychological $200 level.
Resistance Levels: $230, $220, $200
Support Levels: $180, $169, $158
Image Credit: Tradingview
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