Bullish momentum and buying pressure suggest that Litecoin is likely to rally towards $74 and above. A move above $82 suggests a possible long-term uptrend.
Litecoin (LTC) traded within a range of $60 to $74.9. Over the past two weeks, bulls have made valiant efforts to push the price above the point of control (POC) and maintain it there.
At the time of writing, it seemed like further upside was possible as momentum and volume favored buyers. This is where traders can look for profits and where a long-term uptrend can be established.
The high of the volume profile range meets the Fibonacci level
Source: LTC/USDT on TradingView
The fixed range volume profile reveals a POC of $65.5. Litecoin has breached this level multiple times since August, but the bulls have been relatively strong over the past month. MFIs highlighted bullish momentum and buying pressure, but were still not close to overbought conditions.
FRVP’s high was $74.9, just above the 50% Fibonacci retracement of $73.25. LTC bulls may take some time to clear these resistance levels given their importance in recent months.
Litecoin’s downtrend since May means that a move above the 78.6% retracement level at $82.6 is needed to initiate a long-term uptrend.
Will Litecoin face a reversal?
Source: Coinglass
The three-month liquidation heatmap showed that the $71.7 to $72.8 region is a significant liquidity pocket. However, in the past 24 hours of trading, LTC rose as high as $73.07 but fell back to $71.
Read the Litecoin (LTC) price prediction for 2024-25
This liquidity cluster extends to $75, but is not very dense. Therefore, a price move above $75 would be the first sign that a breakout above $82 is likely. Especially since it shows bullish strength.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
Next: Can Ethereum reach $3,000 amidst these bullish signs?
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