Litecoin Worth Evaluation: Amid the latest market consolidation, the Litecoin price showcased a notable resilience above the $74.5 assist. The every day chart projecting long-wick rejection candles at this assist signifies the patrons are actively accumulating this asset at a reduced worth. With the Bitcoin price leaping above $65000 on Monday, a majority of main altcoins, together with LTC present larger potential to reclaim misplaced floor.
Additionally Learn: Top 4 Crypto Picks for May 2024: BDAG, LTC, AVAX, & ADA
Litecoin Targets $100 as Bullish Patterns Emerge
Over the previous two months, Litecoin’s every day chart has proven an enormous worth swing from $113 to $74.5 ranges, however solely extending sideways. Whereas this consolidation showcases a scarcity of indication from patrons to sellers, the asset has managed to carry its worth above $74.5.
The coin worth has rebounded from the aforementioned assist 3 times in the course of the latest consolidation pattern, indicating that patrons haven’t given up on this asset. A latest reversal from $74.5 has uplifted the asset by 9% to at present commerce at $81.5.
Latest information from Santiment, highlighted by dealer Kamikaze, reveals intriguing insights into Litecoin (LTC) market dynamics. Regardless of a decline in Bitcoin’s worth, substantial accumulation by whale traders suggests a possible long-term bullish sentiment amongst key holders.
Between April twenty eighth and Might 4th, whales added a further 100,000 LTC to their holdings. This counter-trend conduct, as depicted within the accompanying chart, signifies a potential shift in sentiment amongst main holders, doubtlessly signaling a optimistic outlook for Litecoin sooner or later.
If the bullish momentum persists, the LTC worth may achieve one other 8.6% and develop a bullish reversal sample known as a double-bottom. A breakout above the $88.6 neckline which can be the final swing excessive will sign an preliminary sign of pattern reversal.
A post-breakout rally may push the LTC worth to a possible goal of $100, adopted by $112.
Technical Indicator:
- Exponential Shifting Common: A possible bearish crossover between the 20-and-100-day EMA might speed up the promoting momentum and prolong present consolidation.
- Relative Energy Index: The every day RSI wavering at 44% signifies a impartial to bearish sentiment out there.
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