Crypto News– Today, the price of Litecoin (LTC) achieved a remarkable milestone, surging to a 70-day high of $72.89, effectively breaking free from its previously established range high.
24 October Litecoin Price on the Path to Recovery – Can Bulls Secure 80 Dollars Next?
Having returned to this range high, Litecoin’s price is currently in the process of validating it as a newfound support level, leaving market watchers to ponder the likelihood of another upward bounce. A close examination of the daily timeframe technical analysis for Litecoin reveals some noteworthy developments.
On October 9, the price experienced a breakdown from an ascending support line. Following this, a bounce was observed, and the price went on to validate the previously broken support as a resistance level on October 16 (indicated by the red icon), subsequently leading to another downward movement. Despite this bearish trend, the cryptocurrency managed to reverse its trajectory on October 19.
Notably, on October 23, Litecoin’s price successfully surged above the earlier ascending support trendline and also surpassed the $58 resistance zone, which had been functioning as the range high since August. Today, the price reached an impressive high of $72.89, marking the highest point it has attained since August 16.
Exciting Developments in Litecoin Today: Long-Term Holders Accumulate, Hitting a Two-Year High in Holders Net-Inflows Metric
In a compelling turn of events, long-term Litecoin holders have been actively acquiring substantial amounts of LTC since the onset of October. This surge in accumulation has driven the Holders Net-Inflows metric indicator to a notable two-year peak.
Furthermore, the Litecoin Foundation has unveiled an intriguing piece of news: the release of 999 silver 50-gram collectible cards featuring a Litecoin block reward. These unique collectible cards are currently available for purchase at a price of $840.
Insights from Market Analysts
Cryptocurrency market analysts are predominantly expressing a bullish outlook regarding the trajectory of LTC’s price.
FuryMetaa, in particular, boldly stated his belief in an imminent breakout from the established range high, and this prediction has since been validated with the recent breakout.
Joining the optimistic chorus, analysts SantoXBT and KongBTC have envisioned a potential upward leg, setting their sights on a future target of $92. The daily Relative Strength Index (RSI) lends support to the notion of a sustained increase. The RSI, serving as a critical momentum indicator, guides traders in gauging whether a market is overbought or oversold, thereby aiding in their decision to accumulate or sell an asset.
An RSI reading above 50 in the backdrop of an upward trend favors the bulls, while a reading below 50 signifies the opposite. In this case, the RSI is above 50 and steadily rising, serving as compelling evidence for a bullish trend.
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