- Litecoin holds strong support at $83, signaling potential bullish momentum toward $94.
- Mixed volume and demand suggest a cautious approach, but short liquidations around $93.5 could drive a price surge.
Litecoin Key Support Remains Intact
Litecoin (LTC) has shown resilience by holding the critical support level at $83, providing buyers with confidence in the market. The recent price action saw LTC push past the local resistance at $89.3, signaling a slow but steady bullish trajectory.
Fibonacci Levels Signal Bullish Potential
A significant technical indicator, the Fibonacci retracement, has played a crucial role in Litecoin’s current outlook. LTC managed to close a 1-day session above the 78.6% Fibonacci retracement level, a classic bullish signal. This suggests that buyers are gaining momentum, making a potential breakout toward $96 more likely.
Mixed Signals in Volume and Demand
While the trading volume has been on the rise, another key indicator, the Chaikin Money Flow (CMF), has shown mixed results. The CMF remains below the +0.05 “strong-inflow” line, suggesting that although there is demand, it is not yet overwhelming. This means that while a rally is possible, a sudden price surge is less likely.
Litecoin Liquidation Heatmap Indicates Potential Move to $94
According to Coinglass data, a cluster of short liquidations has built up around the $93.5 mark, creating a potential liquidity magnet. This could pull Litecoin price toward this region in the coming days. However, a brief dip toward $85 cannot be ruled out before a possible bounce to $94.
Watch Key Levels
As long as LTC remains above the strong $82-$83 support zone, the chances of a rally remain intact. Traders should watch for a potential dip to $85 before a possible surge toward $94 and beyond.
