Enters Recovery Mode; Next Target $80?

Litecoin (LTC) crypto price is currently stuck in a narrow consolidation zone ranging between $58.50 and $69 since the end of August. The cryptocurrency price witnessed a substantial downfall after the formation of an annual high at $115 on 3 July. The bears did not find the price justifiable above $100 and entered the market to push below it.

Currently, the LTC price has formed a minor support at $63.30. The previous candle closed bullish, and the current candle is bullish, headed toward the resistance level of $69. If bulls push the price above $69, it might rise toward the next resistance level of $89. Looking to the left, the price shows a clean move toward $89 in case bullish momentum prevails.

A break and close above $69 can slightly confirm the bullish move. On the other hand, if the Litecoin price shatters the recent minor support of $63.30, it might melt toward the next support level of $58.50.

Network Activity Of Litecoin

The active addresses count peaked on 10 July, rising to 830,962. Since then, there has been a notable drop in the price. The current active address count is 210,000 (0.21 Million). The transaction volume reached its highest point on 2 June, reaching $21.60 Billion. As of today, the transaction volume has declined to $859 Million. The average transfer value is $3.46K.

The market capitalization of Litecoin has increased 3.17% to $4,852,007,754 at the time of writing. The 24-hour trading volume has also increased by 2.06%. LTC price is down 84.23% from the all-time high of $412.96 and up 5746.32% from the all-time low of $1.11.

Will LTC Price Rise Above $69 Level?

LTC crypto price has surged above 20-day exponential moving averages, suggesting a rise in the participation of bulls. Previously, the 20-day EMA acted as a resistance to the price. The Chaikin money flow has climbed above the 0 mark and currently trades at 0.01, indicating slight strength in the market.

The relative strength index has advanced above 50 neutral mark and trades at 52.18, implying active participation of bulls. The long-short ratio is 0.79, with 44.4% longs and 55.6% shorts, indicating a higher pressure from the selling side in the last 24 hours.

Conclusion

The market structure and price action of Litecoin is slowly turning bullish but still hovers in a range. LTC price needs to rise and close above $69 to provide slight confirmation regarding a bullish move toward $83.

Technical Levels

Support Level: $63.30 and $58.50

Resistance Level: $69 and $83

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing