Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- LTC had a worth pullback at $68.23
- LTC may face additional rejection within the $68.89-$69.55 space if it strikes above $68.23
TradingView’s four-hour chart confirmed that Litecoin [LTC] had rallied since 29 December, with occasional corrections. Nevertheless, it confronted a key worth rejection at $68.23, which blocked any additional uptrends.
Learn Litecoin’s [LTC] Value Prediction 2023-24
LTC fell under $68.02 after Bitcoin [BTC] plunged to $16.57k, suggesting that traders ought to watch BTC’s efficiency earlier than buying and selling.
At press time, LTC was buying and selling at $67.89. Nevertheless, it may get away above the speedy rejection stage at $68.23 if the bulls gained momentum.
The $68.23 hurdle: Can LTC bulls overcome it?
LTC may break the speedy hurdle at $68.23, as steered by technical indicators on the time of writing.
The Relative Power Index (RSI) was persistently above the midpoint however near it. It confirmed that purchasing strain elevated however met resistance from sellers.
Accordingly, the Directional Motion Index (DMI) confirmed that consumers dominated the market, though they didn’t have absolute leverage, as their affect was 22 – lower than the 25 required for definitive leverage.
The On-balance Quantity (OBV) had accelerated; thus, there was a rise in buying and selling quantity and enhanced shopping for strain.
Due to this fact, LTC would possibly break the $68.23 stage within the coming hours/days. Nevertheless, it may be tough to beat the crucial resistance space between $68.89 and $69.55 in the identical interval.
Nevertheless, a break under $67.17 would negate the above bullish forecast. Such a downward transfer may choose the purchase zone round $66.
Traders can monitor the Chaikin Cash Circulate (CMF) breakout above the zero mark. A convincing break above zero would point out robust upside momentum and sign that LTC may overcome the $68.23 hurdle.
LTC noticed flat growth exercise and a decline in lively addresses
The variety of lively addresses fell barely within the final one hour till press time, based on Santiment. This might undermine shopping for strain and worth appreciation.
Are your LTC holdings flashing inexperienced or crimson? Examine with the Revenue Calculator
As well as, LTC’s growth exercise stagnated in early December, accompanied by a worth decline. Nevertheless, between 19 – 25 December, there was a rise in growth exercise, which led to an increase in costs.
Might flat growth exercise report at press time affect a worth decline?