The post Litecoin trades above key level, but is a correction looming? appeared on BitcoinEthereumNews.com.

Long-term holders’ confidence in Litecoin has increased over the past months. A metric suggested that LTC was overvalued, indicating a price correction.  As the market turned bullish, Litecoin [LTC] managed to trade above a crucial level. Will this development allow LTC to begin its journey towards $100? Let’s have a closer look at the coin’s state to find out whether that’s possible. Litecoin trades above a key level Litecoin bulls were having a good time in the market as the coin’s price increased by over 3% last week. The bullish trend continued in the last 24 hours because the coin witnessed yet another 3% surge in its value. At the time of writing, LTC was trading at $65.58 with a market capitalization of over $4.9 billion, making it the 19th largest crypto. Despite the price increase, only 22% of Litecoin investors were in profit, as per IntoTheBlock. However, the trend might change as the coin managed to test a crucial support level. Crypto Tony, a popular crypto analyst, recently posted a tweet revealing that LTC’s successful test of the support could result in a price rebound. In fact, a price rebound could allow LTC to move towards the resistance of $100 in the coming days or weeks. Source: X Glassnode’s data also pointed out a similar possibility. As per the Pi Cycle Top indicator, the possible LTC market top was near $148. This suggested that it won’t be a long shot to expect LTC climbing towards $100 in the coming days. Source: Glassnode Is LTC set for a breakout? AMBCrypto’s analysis found that long term holders (investors holding LTC for more than 1-year) confidence in the coin increased over the last few months as the graph increased. To be precise, more than 78% of LTC holders were long-term investors.  Source:…

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Filed under: News - @ September 3, 2024 10:25 pm