Litecoin Bulls Breach February Yearly High, Heading for $100

Litecoin has surged to a brand new 2020 buying and selling excessive after breaking previous the February 2020 excessive with relative ease. The robust bullish momentum LTC skilled final week may simply spill over into this week as institutional traders flip to the Bitcoin fork in its place funding. 

Litecoin Bulls Take Goal at $100

The weekly shut above February excessive suggests {that a} potential bullish explosion in the direction of the $100 resistance zone is very possible.

Technical indicators on the upper time frames additionally present giant room for upside motion within the following days, with the last word weekly bullish goal sitting close to the $140 stage. 

Trying on the William’s alligator indicator, the near-term bullish outlook stays in place whereas worth trades above the $80 help stage, which coincides with the 5-day transferring common (inexperienced). 

A failure to carry the $80 help stage may see LTC performing a near-term worth correction in the direction of the $75 to $70 vary for help. Dip-buyers will seemingly be lurking across the talked about help area in expectation of renewed highs over the medium to long-term.

On-chain knowledge evaluation supplied by Santiment reveals no main promoting strain from whales in the meanwhile. Moreover, every day energetic addresses are diminishing as costs proceed to surge. 

This metric means that merchants proceed to carry on to Litecoin throughout this worth growth interval. 

This indicator needs to be monitored intently if LTC approaches the $90 or $100 ranges, as a spike in every day energetic addresses could point out profit-taking for bigger LTC holders.

Information evaluation from Santiment additionally reveals that Litecoin addresses holding 1,000,000 to 10,000,000 cash have been steadily rising their balances since Oct. 27. 

This metric highlights that whales have been including to their balances, coinciding with the latest bullish rally above the $65 resistance zone.

Addresses with 10,000-100,000 cash have been promoting a few of their holdings, indicating short-term speculators taking revenue in the direction of the $84.50 yearly resistance. Conversely, addresses holding 100,000-1,000,000 cash have maintained their balances, suggesting they’re neither promoting nor shopping for extra cash.

With the constructive technical and on-chain backdrop, LTC may very well be well-placed to interrupt right into a much-higher buying and selling vary this week if bulls can overcome the psychological $100 resistance stage.