Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC closed the above key Q1/Q2 2023 hurdle.
- LTC registered an uptick in Open Interest rate.
Litecoin [LTC] crossed the $100 mark, transiting into Q3 2023 on a bullish note across lower and higher timeframes. The upswing cleared the previous high and bearish order block at $103.
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A recent report established that the Mean Coin Age hit a 3-month high, suggesting that recently acquired LTCs remained unmoved in the same period.
In the meantime, Bitcoin [BTC] rebounded from $29.5k and reclaimed the $30k price level. BTC has consolidated above $30k for over 10 days, prompting some analysts to infer that it has hit its local top.
LTC hits new high
Source: LTC/USDT on TradingView
The move and close above the previous high of $103 has set LTC to hit a new high of $112 in 2023. At press time, the short-term rally had cooled off to the previous high before edging to $107. Nevertheless, the cross to $100 flipped the lower and higher timeframe to a bullish bias.
The RSI (Relative Strength Index) entered the overbought zone, underscoring buyers’ leverage. Similarly, the OBV (On Balance Volume) maintained a 28 million base and surged higher, denoting improved demand for LTC.
So, LTC could target higher resistance levels – the $117 and $134 in the short term, especially if BTC doesn’t register sharp losses in the next few hours/days. So, bulls could wait for a pullback retest and confirmed uptrend from the breakout level of $103 (previous high).
The first sign of weakness will be a crack of $103. If $103 cracks, LTC could experience a short-term retracement to $98 or 93. Sellers must watch out for the lower these lower supports because they could offer bulls a reprieve.
A bullish start in Q3
Source: Coinglass
The clearance and move above the previous high of $103 was marked by an uptick in Open Interest (OI) rate. For perspective, OI tracks open futures contracts based on the asset’s underlying spot price.
How much are 1,10,100 LTCs worth today?
From around $300 million on 29 June, LTC’s OI inched closer to $500 million in Q3 – a bullish sentiment.
However, the spread between long and short positions across exchanges was little, suggesting neutral sentiment and possible narrow consolidation above $100. Traders should track BTC price action for optimized set-ups and direction.
Source: Coinglass
