Litecoin (LTC) bulls are preparing for an ascent above the $ 100 level, which is seen as a psychological level. Litecoin set a new annual record of $ 93.98 after breaking its highest level in February 2020. So, will Litecoin rise? The data point to lower selling pressure for whales and more room for upward movement.
Litecoin rose to a new trading level in 2020 after easily surpassing its highest level in February 2020. The strong bullish momentum experienced last week is seen as an alternative crypto investment for LTC to institutional investors.
Litecoin Bulls Target $ 100
The weekly close above its February 2020 high indicates that a potential bullish boom towards the $ 100 resistance zone is likely to occur. Technical indicators in the higher timeframes seem to have a wide range of upward movement for the next days.
Litecoin’s weekly bullish target is near the $ 140 level. When analyzed with indicators, LTC is trading above the $ 80 support level, which corresponds to the 5-day moving average, while maintaining its price in a short-term bullish outlook.
Support Levels Matter For Litcoin
If it fails to maintain the $ 80 support level, it can be seen that LTC makes a short-term price correction in the range of $ 75 to $ 70 for support. Bottom-tier buyers are likely to wait to buy or sell in that support zone, with expectations of renewed highs in the medium and long term.
SantimentAccording to data analysis within the blockchain, shared with its members, there is no selling pressure from Litecoin’s major investors. However, during the upward movement of the LTC price, there is a decrease in the active LTC wallet addresses. This situation; It can be evaluated that investors continue to hold Litecoin (hodl) during the price expansion period. Attention should be paid to LTC levels of $ 90 or $ 100, as the increase in daily active addresses may indicate profits for larger LTC holders.
also SantimentData analysis shows that Litecoin addresses holding 1,000,000 to 10,000,000 coins have steadily increased their LTC volumes since October 27. This analysis clearly highlights that the whales contribute to price balances and coincide with the recent rise above the $ 65 resistance zone.
Wallet addresses with 10,000-100,000 LTC are selling a little. It is possible to interpret this data as short-term traders are making profit sales towards the annual resistance of $ 84.50.
Wallet addresses that have more LTC and hold 100,000-1,000,000 LTC protect their balances. Litecoin (LTC) is expected to continue its upward movement if it remains at the $ 100 resistance level.
“Will Litecoin rise?” We will continue to share the current developments and new LTC price levels for investors who continue to search for the answer to their question.
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