Litecoin Recovered 10% This Week: Could LTC Reach $80 Mark Ahead

• 1 Litecoin highlighted a notable rebound and secured the $70 mark.
• 2 Buyers have entered the dip and are trying to strike the 20-day EMA mark.

The Litecoin price delivered a rebound of over 10%, and the 20-day EMA mark was retested this week. Meanwhile, the lower low swings were still in the picture, and buyers were looking to reverse the trend.

Recently, the LTC coin exhibited a range breakdown and slipped to the demand zone of $68 but managed to settle there and witnessed a pullback. Afterward, follow-on buying momentum was revealed, and buyers accumulated the coin.

Moreover, it seems like the LTC has completed the correction and might display a notable rise ahead. A decisive pullback can be anticipated once it crosses the $80 mark.

Amidst the spot ETF approval of Bitcoin (BTC), it continued to struggle and displayed selling pressure. That affected most of the altcoins, resulting in a down move in the past sessions.

At press time, Litecoin (LTC) was trading at $74.15 with an intraday surge of 1.06%, displaying a recovery in the past sessions. It has a monthly return ratio of -11.20% and 12.20% yearly, reflecting long consolidation.

The pair of LTC/BTC is at 0.00122 BTC, and the market cap is $5.46 Billion. Analysts are neutral and suggest that the LTC price may register a trendline breakout and cross the $80 mark ahead.

Litecoin (LTC) Observed Pullback: Could It Reach $100 Mark?

Amidst the past correction and downtrend, it seems like Litecoin is ready to deliver a possible rebound ahead. Meanwhile, the LTC coin struggled and needed to sustain above its 20 and 50-day EMA to gain traction.

Price Volume Profile Outlook 

Based on the recent pullback with a spike in the trading volume of over 70% signifies the buyer accumulation from the demand zone.

If the recovery persists, the $80 mark is the make-or-break zone to be watched out ahead.

Source: Santiment

The RSI curve recuperated from the oversold region and witnessed a positive crossover on the charts. Notably, the buyers have gained momentum, and follow-on buying momentum was exhibited this week.

What Do Social Metrics Suggest?

Litecoin’s social Dominance data witnessed a minimal decline of over 7% and dropped to 0.426%, directing average discussion reports on the social media platforms.

Source: Santiment

Meanwhile, the development activity stays flat around the downside mark of 0.04, revealing a negative outlook.

Active Addresses and Open Interest Data Insights

Its activity addresses data revealed a surge of over 12% to 515k and witnessed an incremental move in investor interest this week.

Source: Santiment

Similarly, the open interest data highlighted that the investors created fresh, long positions and anticipated a bounce ahead. 

Crypto Trader WorldOfCharts, in his post on X, mentioned that LTC is set for an up move and might trigger a falling wedge breakout ahead.

$Ltc

Breaking Falling Wedge Expecting Move Towards 110$ Incase Of Successful Breakout#Crypto #Ltc #Litecoin pic.twitter.com/7qpYySBHJf

— World Of Charts (@WorldOfCharts1) June 29, 2024

Source: X

The immediate support levels for Litecoin are $72 and $68, whereas the key upside hurdle is around $78, followed by $80

Final Words

The Litecoin price reverted from the bottom zone of $68 and retested the 20-day EMA mark in yesterday’s session. Meanwhile, the coin still trades in the negative trajectory and needs to reach the $80 mark to regain the bullishness.

If it fails to cross the $20 mark, it may continue to trade in the bearish course and stretch the downside toward the $60 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.