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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the writer.
- LTC could point to critical overhead resistance.
- LTC posted a drop in active addresses, but open interest gradually increased.
Litecoin [LTC] it has been picking up since late December 2022, with occasional corrections. It gained more than 40% after going from a low of $63 to a high of $91 in recent weeks.
However, LTC traded sideways briefly before falling to fresh support at $82.44. At press time, the bulls launched a price rally from previous support and targeted recent high price levels.
Read litecoin [LTC] price prediction 2023-24
The Resistance Above $91: Can The Bulls Reach It?
Source: LTC/USDT on TradingView
The Relative Strength Index (RSI) faced rejection at the midpoint and moved sideways. It shows that buying pressure gained traction at the midpoint, but stalled afterward.
As such, the bulls had the upper hand in the current market structure. They could push LTC towards the above resistance at $91.34, especially if Bitcoin [BTC] it held the $21K zone. However, the bulls need to clear the $85.78 hurdle.
Alternatively, the bears could block the efforts of the bulls and force LTC to retest or break below the immediate support level at $82.44. The drop could hold at the $80.09 level (red line), but it would invalidate the earlier bullish forecast.
Active LTC addresses fell along with short-term holder gains
Source: Feeling
According to Santiment, active LTC addresses fell on January 18, followed by small spikes afterwards. He showed that the trading volume decreased but fluctuated later. This fluctuation could undermine strong uptrend momentum.
Short-term holders also saw earnings fall as the 30-day MVRV (market value to realized value) ratio fell near the neutral line. In fact, short-term holders made zero profit on January 18 after a sharp drop in prices. Regardless, at press time, a small percentage of profit was recorded.
Source: Feeling
How much is it 1,10,100 LTC worth today?
According to purse, LTC could benefit from a slight uptrend momentum. The coin’s open interest (OI) peaked on Jan. 12 before plummeting, showing more money flowed out of the LTC futures market, undermining bullish momentum.
However, the OI gradually increased from January 19. LTC could gain strong uptrend momentum if the trend continued and targeted resistance above $91. But bearish BTC could complicate things for LTC bulls.
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