[ccpw id="5"]

HomeCoinsLitecoin (LTC) Price Trades in Historical Buy Zone

Litecoin (LTC) Price Trades in Historical Buy Zone

-

Litecoin (LTC) price continued to gain bullish momentum for over five days as whale accumulation and other on-chain metrics flashed buy signals. 

Litecoin appreciated by over 12% in the last five days as bulls took control of the price action. The larger crypto market gains further aided LTC’s uptrend as the global crypto market cap finally tested the $1 trillion mark. 

Litecoin Whales Aid Price Gains

For over five months, Litecoin’s price has moved in a range-bound trajectory below the $63 resistance mark. However, LTC price marked stunning gains at press time, presenting 6.54% gains on a daily basis. 

The uptrend followed a price uptick above the 21-day simple moving average alongside daily RSI skyrocketing.  

Litecoin price traded at $56 at the time of writing, charting a monthly price high on a one-day chart. 

The bullish momentum was successful in eliminating bears as Coinglass’ Total Liquidations showed nearly $1.4 million shorts liquidated on Oct.25. Another $161,000 worth of shorts were liquidated on Oct. 26 by press time. 

Another bullish trend for LTC price was the rise in addresses with one million to 10 million coins. This cohort was liquidated over the last six months, but seems to be accumulating once more. 

LTC Price Flashing Buy Signal 

Puell Multiple for Litecoin showed that miner profitability was at the lowest level. Mining profitability is key in shaping market cycles and also helps establish macro price tops and bottoms. 

Litecoin LTC Puell Multiple | Source: Glassnode
Litecoin Puell Multiple | Source: Glassnode 

The Puell Multiple suggests that Litecoin is in the historic buy zone. Historically, significant macro bottoms have been established at Puell Multiples less than 0.5, indicating miner profitability is 50% below the yearly average.

Finally, In/Out of Money Indicator presented a strong support level at the $52 mark, where 435,000 addresses hold 7.79 million LTC. 

In/Out of Money Indicator/ IntoTheBlock
Source: IntoTheBlock

Nonetheless, going forward, Litecoin bulls will have to face the $61 resistance. If LTC price fails to establish above $61, a retest of the lower $52 support can be expected. 

Disclaimer: BeIinCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still...

Litecoin Price Prediction: Bullish Break To $120 Still In Sight

Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100...

Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the...

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data...

Follow us

Most Popular