Disclaimer: The knowledge offered doesn't represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- Clearance of the $115-level may assist LTC hit $130
- Open Rates of interest have surged because the finish of June
Litecoin [LTC] traders had a formidable June following a large rally. LTC hiked from $72 in mid-June and prolonged the pattern to July, hitting $115 on the time of writing. That’s an over 55% hike in lower than three weeks.
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With solely 30 days to Litecoin’s halving, scheduled for 3 August 2023, the occasion is predicted to impression its community and value considerably. It'll scale back the present block reward for miners from 12.5 LTC to six.25 LTC, cushioning inflation and probably propping LTC’s worth.
Is an upswing to $130 possible?
Already LTC has seen large worth appreciation a month earlier than the halving occasion. Nevertheless, the value has now hit the $115-obstacle. The hurdle was additionally the value ceiling within the second half of April 2022.
Nevertheless, the important thing technical indicators have been constructive. For instance, the RSI (Relative Power Index) hit the overbought zone whereas the OBV (On Steadiness Quantity) has elevated since mid-March. It's a signal of elevated shopping for strain and demand.
Moreover, the ADX (Common Directional Index) was above 20, denoting a stable uptrend on the upper timeframe. Collectively, it reinforces the long-term bullish bias so, LTC may clear the $115-zone and goal the $134-resistance stage. A pullback retest at $102 may set LTC to clear the $115-level.
A breach beneath the $100-mark will weaken the upper timeframe market construction and invalidate the bullish thesis. Such a breach may make a retracement to $90 or $85 possible.
Open Rates of interest surged
The transition from Q2 to Q3 was marked by a pointy uptick in Open Rates of interest for LTC. On 30 June, the OI was about $300 million however jumped to >$600 million on the time of writing. That’s greater than double in demand in three days – AA bullish cue.
How a lot are 1,10,100 LTCs price right this moment?
As well as, about $3.5 million price of brief positions have been wrecked previously 24 hours. In the identical interval, lengthy positions solely misplaced $1.2 million, underscoring the bullish sentiment within the Futures market.
However, LTC’s uptrend may derail if BTC drops beneath $30k, thus it’s price monitoring the king coin’s value motion.