- Litecoin registered a bid -independent over multiple depth gikes, indicating a bullish trend
- As a result, the Bullish Momentum of LTC wiped the liquidity cluster with a low liverage above after the breakout
Litecoin (LTC) saw a noticeable bid -on balance over different depths in his order book, in particular on 1% and 5%. This imbalance was then outweighing bids, asks for a robust purchase of interest that ignited a light bullish trend in the charts.
After the price of LTC, this trend culminated at around $ 130 in the charts. Liquidity dynamics also supplemented the bullish outlook. Before the same, the Altcoin was confronted with a low leverage, which limits aggressive price movements.
As the bullish sentiment was built up, clearly clearly of the dense buying clusters and a liquidity swing beyond $ 125, the price responded by climbing.
Source: Hyblock Capital
This liquidity swing, in which built -up purchase assignments have overtaken the available sales orders, further pushed the price on the charts.
These jointly emphasized how differences in bid and questions volumes for critical price levels, in addition to the active management of leverage and liquidity, could influence the process of LTC.
In fact, the current upward trend, supported by strong purchasing pressure and liquidity absorption, could pave the way for persistent Bullish Momentum in the Litecoin market.
Priority
A further analysis of the 4-hour graph showed that LTC has successfully violated the upper limit of a falling trend channel and an important bearish structure that had complied with in recent weeks.
The breakout pushed the price of Litecoin from a low of around $ 119 to a peak at around $ 126.54. The upward movement was further validated by the MACD indicator – with a significant divergence of the signal line, which moves from negative to a positive area.
The histogram also expanded – a sign of increasing bullish momentum. This transition in the MACD can often be interpreted as a bullish signal, to support the idea of a sustainable uprising.
Source: Hyblock Capital
If LTC maintains its position above the critical resistance level at $ 120, the path can be clear for further profit for the $ 140 level. This would be in line with previous trends in similar setups, where the consolidation of the above key resistors has often led further price ruin.
Conversely, if LTC cannot maintain its position above $ 120, it can fall back into the falling channel, so that the bullish prospect denies. This can lead to a retest of lower support levels, possibly to around $ 115, if the sellers win back control.
That is why retaining above $ 124 is crucial for the price direction of LTC. Only then can it focus on $ 140 and higher.