Journalist
Posted:
- The price of LTC is consolidated in a perfect bullish pennant on the 8-hour graph after a recent exhaustion of the Uptrend.
- Technical analysis hinted in a potential outbreak, because the LTC price has risen 5.15% in the last 24 hours and the optimism of Spot LTC ETF approval increases.
At the time of writing, Litecoin [LTC] was traded at $ 122, a price increase of 5.15% in the last 24 hours, while Bitcoin [BTC] And other large altcoins such as Ethereum [ETH] struggled with uncertain markets and pricagnation.
Speculations of LTC’s Spot ETF approval have fueled the market expectation, because the chance of LTC ETF -Oudisching 90 is based on a Bloomberg Analyst report.
LTC’s technical setup and potential scenarios
Looking at the price of Litecoin on the 8-hour graph, the Altcoin has consolidated in a bullish pennant, suggesting a potential upward rally.
LTC has tested the top key horizontal resistance zone in this bullish pennant, with its bullish momentum that points an outbreak above the $ 130- $ 135 zone.
According to an analysis by World of Charts shared on X (formerly Twitter), the bulls could push the price loss, where they collected to the Key Zone of $ 150- $ 170 in the short term and focuses on $ 250 in the long term.
Source: X
However, if LTC is rejected in this formation, a pullback may be within reach.
The price dip can re-test the lower support of $ 110- $ 100 after a failed outbreak attempt on his Bullish Wimpel.
On-chain statistics Flash mixed signals
The 24-hour open interest rate of LTC (OI) has risen by 4.8%, while the trade volume has fallen by 24.61%, according to data from Coinglass.
Intotheblock data shows that whales contain 48% of LTC and 84% of the total holders of profit, while the market remains predominantly bullish.
Santiment data suggests optimism among investors, whereby the social volume of LTC rises from 100 to 128 in one week.
Source: Santiment
At the time of the press, the long-to-Korter ratio of the Altcoin was above 1.5 in all timetables based on coinalyze statistics.
Source: Coinalyze
So what now?
The 24-hour fall in trade volume valley that only a few traders actively buy or sell Litecoin.
This suggests that long -term investors hold their positions, wait for higher prices, or that traders are uncertain and careful with aggressive trade.
However, since most Hodlers have a profit, traders have to sell or buy less aggressively because they observe the next step from LTC.
On-chain statistics, technical indicators and spot ETF progress can dictate the next movement of the Altcoin in the coming weeks.
