LTCUSD (Litecoin) – Week 31 – Going to $200?

Altcoins have started to move in the right direction as the market has built up on the recent bullish momentum. Litecoin has been one of the surprise inclusion which was facilitated growth from an on-chain perspective. Data suggests that Litecoin’s 24-hour active addresses are currently witnessing all-time high levels for 2021. The rate of active addresses are higher than January-February 20201. Similarly, addresses holding LTC between 1k-100k also raised their holdings by 270,000 LTC which is currently valued at ~$28.5 million. It is a massive accumulation of data which is suggestive that LTC holders are holding out for a bullish promise with the altcoin.

Technically, we see that the Litecoin price action is making a correction that has a higher probability of breaking to the upside. The price can reach the lower bound of the red channel marked on the chart before continuing to the upside. If we take into account that we are in a big weekly downtrend a retest of the support has always a probability of happening but we think it is much lower now.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.