Litecoin: Can bulls use $80 support as a springboard for another rally?

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• Bulls look to make use of a well-known assist stage to reverse July losses.
• Imply coin age trended upwards to focus on bullish exercise.

Litecoin [LTC] bounced off the $80 psychological stage, as bulls seemed to place a dismal July behind them. LTC had launched into a major bearish slide in July that erased all of its Q2 features.

Practical or not, right here’s LTC market cap in BTC phrases

Bulls wish to experience the market hype after Litecoin’s halving occasion on 2 August. Though the halving occasion noticed a decline in its hash fee, Litecoin is banking on the expansion of its mining sector to spice up LTC’s worth in the long run.

$80 psychological stage rescues bulls once more

Supply: LTC/USDT on Buying and selling View

Litecoin’s worth motion on the 12-hour timeframe highlighted the significance of the $80 worth stage to bulls. Beforehand, it has served as a significant rallying level for LTC after durations of intense promoting strain.

A glance southward confirmed the $80 worth stage sparking a bullish run in early Might and late June. Bulls might be hoping for a repeat of the identical after a 35% worth dip in July.

The on-chart indicators flashed encouraging indicators. The Shifting Common Convergence Divergence (MACD) posted a bullish crossover and some inexperienced bars above the zero mark. Equally, the Relative Energy Index (RSI) made a notable push towards the impartial 50 mark, hinting at rising purchase strain.

Nevertheless, the primary impediment in the way in which of bulls is the $85 resistance stage. A session shut above this stage can see patrons goal $90 – $95. On the flip aspect, a worth rejection might see LTC fall into a spread formation within the mid-term.

Upward motion of imply coin age hinted at energetic bulls

Supply: Santiment

The possibilities of a bullish restoration had been boosted by Litecoin’s on-chain metrics. Per Santiment, the 90-day imply coin age has been the rise since late July, displaying an accumulation of LTC throughout the community.

How a lot are 1, 10, or 100 LTC price right now?

Likewise, the 30d Market Worth to Realized Worth (MVRV) ratio’s studying of 10% revealed that month-to-month holders had been beginning to notice earnings. Collectively, this might improve the possibilities of bulls embarking on a major worth reversal.