- Reclamation of the $106 support cushion, enabled LINK Coin to stage a recovery of 30%
- The press time price of LINK/USDT is $138 established on the back of a 2.07% increase in the past 24 hours
- Litecoin On Chain Metrics suggest that address holdings are shooting through the roof
LTC Coin begins to trade under the pressure of the 50 EMA
Litecoin’s bullish retracement was excused by the resistance of $141, which is presently bolstered by the 50 EMA. Despite the threat of further decline, the bulls are counting on the ray of hope provided by the 20 EMA.
While the current price of LTC Coin remains trapped inside the Descending channel, a decline of 4% from the current price level is programmed. Presuming the continuation of a bearish thesis, LINK Price is expecting to halt on the nearest support cushion of $133. A break below that particular level will provide the token an opportunity to bounce off from the 20 EMA.
On the other hand, the risk of an impending bearish crossover between the 100 and the 200 EMA continues to linger. For the day ahead, the loss of the 20 EMA as a reliable support cushion will enable LTC bulls to challenge their July lows. Furthermore, the bearish outlook will lay the ground for another 12% decline.
Considering that the price action of the LTC Coin has traveled to the peak of the bearish continuation pattern, it is only fair to presume that the token is amid bearish retracement. However, a decisive close above the nearest support cushion of $133 will validate the bulls to aim for a breakout from the channel.
Litecoin On-Chain Metrics suggest significant activity in the market
Litecoin has truly set the curve in terms of On-Chain Metrics as evidenced by the number of wallet addresses shooting through the roof.
The total addresses of this month are at their peak, thus suggesting significant activity inside the market. While the rest of the market participants were exploring new lows in terms of metrics, Litecoin took the opposite route. The data provided by the Coinmarketcap website highlights that the total number of unique addresses successfully captured the milestone of 3.8 million last week.
Even though the Total Address metric has painted a positive outlook, the IOMAP Metric suggests otherwise. It is important for investors to not pin their hopes on these metrics and consider the overall picture.
SUPPORT : $133, $118, $110
RESISTANCE : $141, $155