{"id":24209,"date":"2022-07-28T10:27:01","date_gmt":"2022-07-28T10:27:01","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24209"},"modified":"2022-07-28T10:27:01","modified_gmt":"2022-07-28T10:27:01","slug":"will-litecoins-wildly-bullish-reaction-to-fed-see-ltc-cross-60","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24209","title":{"rendered":"Will Litecoin’s wildly bullish reaction to Fed see LTC cross $60"},"content":{"rendered":"


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Litecoin [LTC]<\/a> bulls have shown signs of weakness near the $60 price range where it has been facing resistance during its recovery phase.<\/p>\n

However, the cryptocurrency has managed to avoid a sizable retracement by maintaining its momentum above its 50-day moving average.<\/p>\n

Litecoin has managed to stay above the 50-day moving average for almost 10 days. At press time, the token stood at $59.85 up by 1.39% from the day\u2019s opening price.<\/p>\n

The Relative Strength Index (RSI) too moved towards the overbought region whereas the Money Flow Index (MFI) just hovered over the 50-line. The above-50 RSI did provide a healthy signal for re-accumulation of the token.<\/p>\n

\"\"\"\"<\/a><\/p>\n

Source: TradingView<\/p>\n<\/div>\n

Why Litecoin\u2019s upside was nerfed?<\/strong><\/h3>\n

Litecoin\u2019s strong bullish assault was curtailed within the $60 price level at around the same time that its 60-day dormant circulation metric registered a sharp uptick.<\/p>\n

The metric jumped from 6761 LTC on 18 July to 1.67 million as of 19 July.<\/p>\n

This means roughly $96 million worth of selling pressure entered the market.<\/p>\n

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Source: Santiment<\/p>\n<\/div>\n

Furthermore, the number of active addresses soared by 71,000 during the same period.<\/p>\n

In contrast, the period from 25 July to 26 July was characterized by a small increase in dormant circulation from 7,520 LTC to 16,239.<\/p>\n

Meanwhile, the number of active addresses dropped by just over 60,000.<\/p>\n

However, this time, the amount moved was little as compared to last week. But, it was enough to produce an uptick.<\/p>\n

The unusual observation might just be the result of heavy profit taking after the weekly rally.<\/p>\n

Nevertheless, the outcome was that of a restricted upside since the selling pressure summoned the bears. And, the resulting downside has been rather limited.<\/p>\n

This suggests that many investors are opting to hold on to their coins, perhaps for long-term investment.<\/p>\n

Investors might be more incentivized to HODL their LTC rather than sell. Especially, now that it has secured privacy coin status.<\/p>\n

Litecoin\u2019s short-term profits might be exciting for traders, but the cryptocurrency is still undervalued from a long-term and all-time high (ATH) perspective.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Litecoin [LTC] bulls have shown signs of weakness near the $60 price range where it has been facing resistance during its recovery phase. However, the cryptocurrency has managed to avoid a sizable retracement by maintaining its momentum above its 50-day moving average. Litecoin has managed to stay above the 50-day moving average for almost 10 […]<\/p>\n","protected":false},"author":1,"featured_media":24210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[359,3287,1858,3495,262,4536,10068],"class_list":["post-24209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-bullish","tag-cross","tag-fed","tag-litecoins","tag-ltc","tag-reaction","tag-wildly"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/hans-eiskonen-wn57cSQ7VzI-unsplash-1-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24209"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24209\/revisions"}],"predecessor-version":[{"id":24211,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24209\/revisions\/24211"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/24210"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24209"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}